Illinois Administrative Code
Title 50 - INSURANCE
Part 1551 - VARIABLE CONTRACTS
Section 1551.30 - Qualification of Insurance Companies to Issue Variable Contracts
Universal Citation: 50 IL Admin Code ยง 1551.30
Current through Register Vol. 48, No. 12, March 22, 2024
a) Before any company shall deliver or issue for delivery variable contracts within this State it shall submit to the Director:
1) A
general description of the kinds of variable contracts it intends to issue in
this State;
2) If requested by the
Director, a copy of the statutes and regulations of its state of domicile under
which it is authorized to issue variable contracts; and
3) If requested by the Director, biographical
affidavits with respect to officers and directors of the company. The
biographical affidavits shall include, but not be limited to, the following
information: identifying and contact information; educational, residential and
employment history; professional, business and technical licenses and
memberships; a complete history of fidelity bonding; criminal charges and
convictions; civil, regulatory, administrative and disciplinary actions; a
complete history of bankruptcy, insolvency, liens and foreclosures; affiant's
consent to release background reports to the Department and consent for third
parties to cooperate in the gathering of background information and
confirmation; and the individual's, and his or her immediate family's, equity
holdings in any entity subject to insurance regulation. The Department will
accept the biographical affidavit, and any supplement to that affidavit. The
affidavit is available on the website of the NAIC or the Department.
b) The Director may require additional information to be filed prior to authorizing a company to transact a variable contract business.
c) The Director shall notify the company, in writing, that it is authorized to transact a variable contract business in this State.
Disclaimer: These regulations may not be the most recent version. Illinois may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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