Section 913.20   Purpose and Scope

It is the purpose of this Rule to implement Sections 20, 32, 32.1 and 147.1 of the Illinois Insurance Code (Ill. Rev. Stat. 1981, ch. 73, par. 632, 644, 644.1 and 759.1), to the end that no inequity, fraud or deceit may be worked or tend to be worked upon the prospective subscribers to, recipients, purchasers or holders of shares of the capital stock of any company doing or being organized for the purpose of doing an insurance business in this State.  This Rule shall apply to the sale of shares of:

a)         All foreign or alien stock companies which have been continuously in business as such for more than ten years and are authorized to transact their business in this State, and

b)         All domestic stock companies.

(Source:  Amended at 7 Ill. Reg. 6946, effective May 18, 1983)