Illinois Compiled Statutes
215 ILCS 5/ - Illinois Insurance Code.
Article XLII - Insurance Cost Containment

(215 ILCS 5/Art. XLII heading)

 
(215 ILCS 5/1200) (from Ch. 73, par. 1065.900)
Sec. 1200.

This Article shall be known and may be cited as the
"Illinois Insurance Cost Containment Act".

(Source: P.A. 84-1431.)
 
(215 ILCS 5/1201) (from Ch. 73, par. 1065.901)
Sec. 1201.
Purpose of Article.
The purpose of this Article is to
promote the public welfare by studying the relationship of insurance
premium and related income as compared to insurance costs and expenses. The
General Assembly finds and declares that stabilizing the cost of insurance
is a vital concern to the people of this State.
It is the legislative intent, pursuant to this declared public concern, to
develop measures which will stabilize prices while continuing to provide
quality insurance products to all sectors of the citizenry. It is the
express intent of this Article to permit and encourage competition between
companies on a sound financial basis to the fullest extent possible and to
establish a mechanism to ensure the provision of adequate insurance at
reasonable rates to the citizens of this State.
The General Assembly finds that while the gathering of insurance
cost data has been attempted on a voluntary basis in the past, the lack
of a uniform system for the collection and analysis of data and the lack
of full participation by insurers has led to inadequate and unusable data.
In order to remedy this problem, the General Assembly find it necessary to
create a mandated uniform system in Illinois for the collection, analysis
and distribution of insurance cost data.

(Source: P.A. 84-1431.)
 
(215 ILCS 5/1202) (from Ch. 73, par. 1065.902)
Sec. 1202. Duties. The Director shall:
(Source: P.A. 99-642, eff. 7-28-16; 100-23, eff. 7-6-17.)
 
(215 ILCS 5/1203) (from Ch. 73, par. 1065.903)
Sec. 1203.
Powers and Additional Duties.
(a) The Director
may enter into any agreement with any corporation,
association or other entity he or she deems appropriate to undertake the process
described in this Article for the compilation and analysis of data
collected by the Department and may conduct or contract for studies on
insurance-related questions carried out in pursuance of the purposes of
this Article. The agreement may provide for the corporation, association or
entity to prepare and distribute or make available data to insurers,
government and the general public.
(b) The Director shall require, and the designated corporation,
association or entity shall prepare, semi-annual basic reports in the
aggregate on insurance cost trends in Illinois. The Director shall provide
these reports to the General Assembly, and upon request, to the public.
(c) Prior to the release or dissemination of these reports, the Director
or the designated corporation, association or entity, shall permit insurers
the opportunity to verify the accuracy of any information pertaining to the
insurer. The insurer may submit to the Director any corrections or errors
in the compilation of the data together with any supporting evidence and
documents the insurer may provide.

(Source: P.A. 84-1431.)
 
(215 ILCS 5/1204) (from Ch. 73, par. 1065.904)
(Text of Section WITH the changes made by P.A. 94-677, which has been held
unconstitutional)
Sec. 1204. (A) The Secretary shall promulgate rules and regulations
which shall require each insurer licensed to write property or casualty
insurance in the State and each syndicate doing business on the Illinois
Insurance Exchange to record and report its loss and expense experience
and other data as may be necessary to assess the relationship of
insurance premiums and related income as compared to insurance costs and
expenses. The Secretary may designate one or more rate service
organizations or advisory organizations to gather and compile such
experience and data. The Secretary shall require each insurer licensed to
write property or casualty insurance in this State and each syndicate doing
business on the Illinois Insurance Exchange to submit a report, on
a form furnished by the Secretary, showing its direct writings in this
State and companywide.
(B) Such report required by subsection (A) of this Section may include,
but not be limited to, the following specific types of insurance written by
such insurer:
(C) Such report may include, but need not be limited to the following data,
both
specific to this State and companywide, in the aggregate or by type of
insurance for the previous year on a calendar year basis:
(C-3) Additional information by an advisory organization as defined in Section 463 of this Code.
(C-5) Additional information required from medical malpractice insurers.
(D) In addition to the information which may be requested under
subsection (C), the Secretary may also request on a companywide, aggregate
basis, Federal Income Tax recoverable, net realized capital gain or loss,
net unrealized capital gain or loss, and all other expenses not requested
in subsection (C) above.
(E) Violations - Suspensions - Revocations.
(Text of Section WITHOUT the changes made by P.A. 94-677, which has been held
unconstitutional)
Sec. 1204. (A) The Director shall promulgate rules and regulations
which shall require each insurer licensed to write property or casualty
insurance in the State and each syndicate doing business on the Illinois
Insurance Exchange to record and report its loss and expense experience
and other data as may be necessary to assess the relationship of
insurance premiums and related income as compared to insurance costs and
expenses. The Director may designate one or more rate service
organizations or advisory organizations to gather and compile such
experience and data. The Director shall require each insurer licensed to
write property or casualty insurance in this State and each syndicate doing
business on the Illinois Insurance Exchange to submit a report, on
a form furnished by the Director, showing its direct writings in this
State and companywide.
(B) Such report required by subsection (A) of this Section may include,
but not be limited to, the following specific types of insurance written by
such insurer:
(C) Such report may include, but need not be limited to the following data,
both
specific to this State and companywide, in the aggregate or by type of
insurance for the previous year on a calendar year basis:
(C-3) Additional information by an advisory organization as defined in Section 463 of this Code.
(D) In addition to the information which may be requested under
subsection (C), the Director may also request on a companywide, aggregate
basis, Federal Income Tax recoverable, net realized capital gain or loss,
net unrealized capital gain or loss, and all other expenses not requested
in subsection (C) above.
(E) Violations - Suspensions - Revocations.
(Source: P.A. 94-277, eff. 7-20-05; 95-331, eff. 8-21-07.)
 
(215 ILCS 5/1205) (from Ch. 73, par. 1065.905)
Sec. 1205.
Employees and Professional Consultants.
The Department may
employ and fix the compensation of such employees, and may enter into
contractual agreements with technical and professional consultants as it
deems necessary to expedite the purposes of this Article.

(Source: P.A. 84-1431.)
 
(215 ILCS 5/1206) (from Ch. 73, par. 1065.906)
Sec. 1206. Expenses. The companies required to file reports under this
Article shall pay a reasonable fee established by the Director sufficient
to cover the total cost of the Department incident to or associated
with the administration and enforcement of this Article, including the
collection, analysis and distribution of the insurance cost data, the
conversion of hard copy reports to tape, and the compilation and
analysis of basic reports.
The Director may establish a schedule of fees for this purpose.
Expenses for additional reports shall be billed
to those requesting the reports. Any such fees collected under this Section
shall be paid to the Director of Insurance and deposited into the Technology Management
Revolving Fund and credited to the account of the
Department of Insurance.

(Source: P.A. 100-23, eff. 7-6-17.)

Structure Illinois Compiled Statutes