Illinois Administrative Code
Title 50 - INSURANCE
Part 940 - MID-TERM CANCELLATIONS
Section 940.30 - Certification
Current through Register Vol. 48, No. 12, March 22, 2024
a) No notice of cancellation may be issued by any insurer under authority of Section 143.16 a(e) of the Code unless the insurer has filed the certification and documents described by this Section and received notification of its acceptance from the Director.
b) Certification of the loss of reinsurance under Section 143.16a(e) of the Code shall consist of a written statement signed by a principal officer of the company identifying the specific lines of insurance affected by the loss of reinsurance, giving an estimate of the number of Illinois policies to be cancelled, describing the reason for the loss of reinsurance, describing all efforts to renew and/or replace the reinsurance lost, and affirming that the insurer will cancel only those policies that were covered by the lost reinsurance.
c) Every certification filed under this Part must be accompanied by the following documents:
d) The Director shall give written notice of his or her acceptance of a certification within 30 days after its receipt by the Department, unless:
e) Whenever the Director refuses to accept a certification, he or she shall give written notice stating the reason for the refusal within 30 days after the receipt of the certification by the Department.
f) The Director's written notice of refusal shall be issued under, and governed by, Section 401.1 or 403A of the Code and the insurer shall be entitled to all rights of hearing provided for in the Code and in accordance with 50 Ill. Adm. Code 2402.