Illinois Administrative Code
Title 50 - INSURANCE
Part 925 - ANNUAL FINANCIAL REPORTING
Section 925.20 - Purpose and Scope
Current through Register Vol. 48, No. 12, March 22, 2024
a) The purpose of this Part is to improve the Director's surveillance of the financial condition of insurers by requiring:
b) Foreign or alien insurers filing the audited financial reports in another state, pursuant to that state's requirement for filing of audited financial reports, which has been found by the Director to be substantially similar to the requirements of this Part, are exempt from Sections 925.40 through 925.130 if:
c) Foreign or alien insurers required to file Management's Report of Internal Control over Financial Reporting in another state are exempt from filing the Report in this State provided the other state has substantially similar reporting requirements and the Report is filed with the Director of the other state within the time specified.
d) This Part shall not prohibit, preclude or in any way limit the Director from ordering and/or conducting and/or performing examinations of insurers under his or her jurisdiction in the operations, practices, procedures, or other matters, including financial condition and operations of the insurers. Such examinations shall be conducted as currently established and/or performed or to be established and/or performed under the Statutes of the State of Illinois, the Rules of the Illinois Department of Insurance and the practices and procedures of the Illinois Department of Insurance.