Illinois Administrative Code
Title 50 - INSURANCE
Part 652 - REGISTRATION OF INSURERS
Section 652.30 - Registration of Insurers - Form of Statement Filing
Universal Citation: 50 IL Admin Code ยง 652.30
Current through Register Vol. 48, No. 12, March 22, 2024
a) An insurer required to file a statement pursuant to Section 131.13 of the Code shall furnish the required information in the format and as specified in the instructions contained in Form B, which is Illustration B to this Part. The insurer is to identify whether the filing is an initial, annual or amendment to the Form B.
b) An annual filing shall be made on or before each May 1 in the format of Form B containing current information for the preceding calendar year.
c) Amendments
1) An amendment to Form B shall be
filed within 15 days after the end of any month in which the following occurs:
A) there is a change in the control of the
registrant, in which case the entire Form B shall be made current;
B) there is a material change in the
information given in Item 5 or Item 6 of Form B.
2) Each amendment shall include the Form B
cover page and the transactions that are the subject of the amendment. A
current signature and certification shall be given in regard to the information
in the amendment.
d) Alternative and Consolidated Registration
1)
Any authorized insurer may file a registration statement on behalf of any
affiliated insurer or insurers required to register under Section 131.13 of the
Code. Two or more affiliated insurers required to file may file a consolidated
registration statement unless required otherwise by the Director. The Director
shall request separate registration statements when the consolidated
registration statement does not provide adequate information regarding the
domestic insurer pursuant to Section 131.14 of the Code. A registration
statement may include information regarding any insurer in the insurance
holding company system even if such insurer is not authorized to do business in
this State. In lieu of filing a registration statement in the format designated
on Form B, the authorized insurer may file a copy of the registration statement
or similar report the authorized insurer is required to file in its state of
domicile provided:
A) the statement or report
contains substantially similar information required to be furnished on Form B.
The report or statement shall be deemed substantially similar when a Department
analyst can reasonably make the same determinations regarding the information
contained in the report or statement as the analyst does for Form B filings
made by domestic insurers; and
B)
the filing insurer demonstrates that the insurer is the principal insurance
company in the insurance holding company system. The principal insurer shall be
the insurer that:
i) has the most admitted
assets; or
ii) has the most
insurance in force; or
iii) has the
most premium volume on an annualized basis; or
iv) is the insurer that controls all other
insurers.
2)
The question of whether the filing insurer is the principal insurance company
in the insurance holding company system as defined in Section 131.1(c) of the
Code is a question of fact and an insurer filing a registration statement or
report in lieu of Form B on behalf of an affiliated insurer shall, when
required by the Director, set forth a brief statement of facts that will
substantiate the filing insurer's claim that it, in fact, is the principal
insurer in the insurance holding company system.
3) With the prior approval of the Director,
an unauthorized insurer that is the principal insurer may follow any of the
procedures which could be done by an authorized insurer under subsection
(d)(1).
e) Exemptions
1) A foreign or alien insurer otherwise
subject to this Section shall not be required to register pursuant to Section
131.13 of the Code if it is admitted in the domiciliary state of the principal
insurer (as the term is defined in subsection (d)(2) of this Section) and in
that State is subject to disclosure requirements and standards adopted by
statute or regulation that are substantially similar to those contained in
Sections 131.13 through 131.19 of the Code. The Director may require a copy of
the registration statement or other information filed with the domiciliary
state.
2) The state of entry of an
alien insurer shall be deemed to be its domiciliary state for the purpose of
this Part.
f) Disclaimers and Termination of Registration
1)
A disclaimer or a request for termination of registration claiming that a
person does not or will not, upon the taking of some proposed action, control
any other person (i.e., the "subject") shall contain the following information:
A) the number of authorized, issued and
outstanding voting securities of the subject;
B) with respect to the person whose control
is denied and all affiliates of that person:
i) the number and percentage of shares of the
subject's voting securities that are held of record or known to be beneficially
owned and the number of shares for which there is a right to acquire, directly
or indirectly;
ii) information as
to all transactions in any voting securities of the subject that were effected
during the past six months by that person;
C) all relationships and bases for
affiliation between the subject and the person whose control is denied and all
affiliates of that person;
D) a
statement explaining why the person whose control is denied would not be
considered to control the subject.
2) A request for termination of registration
shall be deemed to have been granted unless the Director, within 30 days after
receiving the request, notifies the registrant otherwise. The request will be
granted if the request is in compliance with the requirements of Article
VIII1/2 of the Code and this Part.
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