(215 ILCS 100/25)
(from Ch. 73, par. 1625)
Duties of insurers utilizing the services of a reinsurance
(a) An insurer shall not engage the services of any person, firm,
association, or corporation to act as an intermediary broker on its behalf
unless the person is licensed as required by Section 10 of this Act.
(b) An insurer may not employ an individual who is employed by an
intermediary broker with which it transacts business, unless the
intermediary broker is under common control with the insurer and subject to
the Holding Company Act.
(c) The insurer shall annually obtain a copy of statements of the
financial condition of each intermediary broker with which it transacts business.
(Source: P.A. 87-108.)