Illinois Compiled Statutes 215 Insurance: Article XLIII - Mortgage Insurance Consolidation

• Illinois Insurance Code. - 215 ILCS 5, Section 1300
  Title. This Article may be cited as the Mortgage Insurance Consolidation Law. (Source: P.A. 86-378.)
• Illinois Insurance Code. - 215 ILCS 5, Section 1301
  Purpose. The purpose of this Article is to protect the interests of Illinois insureds by: (1) establishing minimum standards and procedures for the effectuation...
• Illinois Insurance Code. - 215 ILCS 5, Section 1302
  Scope. (a) This Article applies: (1) To all insurance companies authorized to transact the business of insurance in this State of the kind or...
• Illinois Insurance Code. - 215 ILCS 5, Section 1303
  Definitions. The following definitions shall apply to this Article: "Consolidation" means any transaction in which a financial institution makes its premium collection services available...
• Illinois Insurance Code. - 215 ILCS 5, Section 1304
  General requirements. Except as provided in Section 1305, no insurer shall participate in any consolidation unless, in addition to all other requirements provided by...
• Illinois Insurance Code. - 215 ILCS 5, Section 1305
  Loan transfer consolidations. In a consolidation conducted as a result of a loan transfer, the offer of new coverage may be based on the...
• Illinois Insurance Code. - 215 ILCS 5, Section 1306
  Out-of-state consolidations. If Illinois residents whose loans are serviced outside Illinois are involved in a group-to-group consolidation by an out-of-state servicer, Section 1305 may...
• Illinois Insurance Code. - 215 ILCS 5, Section 1307
  Group certificates. No insurer may participate in a group-to-group consolidation or a loan transfer consolidation unless in addition to all other requirements provided by...
• Illinois Insurance Code. - 215 ILCS 5, Section 1308
  Conversion privilege. Notwithstanding the provisions of Section 231.1(H) of this Code, all group mortgage life insurance policies and any certificates issued thereunder shall include...
• Illinois Insurance Code. - 215 ILCS 5, Section 1309
  Required disclosures. (a) In conjunction with the offer of new coverage involving any consolidation, the new insurer shall disclose in writing to each insured...
• Illinois Insurance Code. - 215 ILCS 5, Section 1310
  Compensation. No sponsorship fees, or other special fees designed to induce their participation, shall be paid to a financial institution in connection with any...
• Illinois Insurance Code. - 215 ILCS 5, Section 1311
  No group policy or group certificate of mortgage insurance used in connection with a consolidation, nor any application, endorsement or rider which becomes a...
• Illinois Insurance Code. - 215 ILCS 5, Section 1312
  The Director is authorized to adopt such rules governing mortgage insurance consolidations as he deems necessary to implement or enforce this Article. (Source: P.A.

Last modified: February 18, 2015