Illinois Administrative Code
Title 50 - INSURANCE
Part 205 - MUNICIPAL BOND INSURANCE
Section 205.50 - Limitations and Restrictions
Current through Register Vol. 48, No. 12, March 22, 2024
a)
b) In the event that the requirement of subsection (a)(2) is exceeded because of municipal bond insurance written prior to the effective date of this Part, then
c) In the event that an insurer exceeds the limitation in subsection (a)(3), it shall not transact any new insurance of municipal bonds until the such excess no longer exists.
d) No insurer authorized to transact the business of insuring municipal bonds shall pay any commission or make any gift of money, property or other valuable thing to any employee, agent or representative of any issuer of municipal bonds or of any underwriter of any issue of such bonds, as an inducement to the purchase of a policy insuring such bonds, and no such employee, agent or representative of such issuer or underwriter shall receive any such payment or gift. However, violation of the provisions of this section shall not have the effect of rendering void the insurance policy issued by the insurer.
e) Any insurer that transacts any insurance other than municipal bond insurance may not have more than twenty percent (20%) of its gross (direct plus assumed) written premiums, net of acceptable reinsurance, in any one year represented by municipal bond premiums.