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Illinois Compiled Statutes
Information maintained by the Legislative Reference Bureau Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide. Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.
INSURANCE (215 ILCS 5/) Illinois Insurance Code. 215 ILCS 5/246
(215 ILCS 5/246) (from Ch. 73, par. 858)
Sec. 246.
Scope of
article.
This article shall apply to companies that issued the policies or
annuity bonds, and to the policies or annuity bonds, referred to in an Act
entitled: "An Act to provide for the deposit of reserve and the
registration of policies and annuity bonds by life insurance companies of
this State," approved April 18, 1899. Such policies or annuity bonds are
referred to in this article as "policies."
(Source: Laws 1937, p. 696.)
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215 ILCS 5/247
(215 ILCS 5/247) (from Ch. 73, par. 859)
Sec. 247.
Deposit of
reserves on registered policies.
Any company heretofore making deposits and registering policies pursuant
to the act mentioned in section 246 shall keep and maintain such deposit
with the Director in securities which are authorized for investment by life
insurance companies under this Code. Certificates of purchase acquired by
any company through foreclosure proceedings instituted by it upon mortgages
in which its funds have been lawfully invested, and duly recorded
conveyances of unencumbered improved real estate lawfully acquired by any
company, accompanied by satisfactory evidence of ownership thereof shall
likewise be eligible for deposit. The Director shall hold the title to such
real estate so conveyed to him in trust until other satisfactory securities
in lieu thereof have been deposited with him whereupon he shall reconvey
the same to such company. The Director may cause such real estate to be
valued and the company shall pay the reasonable expenses incurred in such
valuation.
(Source: Laws 1937, p. 696.)
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215 ILCS 5/248
(215 ILCS 5/248) (from Ch. 73, par. 860)
Sec. 248.
Registration of new policies prohibited.
After the effective date of this Code the Director shall not register
any new policies that are issued by any company, nor accept any deposits
covering reserves on business thereafter written.
(Source: Laws 1937, p. 696.)
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215 ILCS 5/249
(215 ILCS 5/249) (from Ch. 73, par. 861)
Sec. 249.
Valuation of registered policies.
The Director shall keep such a record of the policies that have been
issued pursuant to the act mentioned in section 246 as to enable him to
compute their value at any time. Upon written proof attested by the
president or vice-president and secretary of the company which shall have
issued such policies that any of them have been commuted or terminated, the
Director shall indicate such commutation or cancellation upon such record.
The reserve value of all policies, according to the standard prescribed in
this Code for the valuation of policies of life insurance companies, when
the first premium shall have been paid thereon, less the amount of any
liens, (as set forth in a statement showing kind, nature and amount,
attested by the president or vice-president and secretary of the company
issuing the policies against which such liens exist) not exceeding such
value as the company may have against such policies shall be entered in the
record aforesaid at the time such record is made. On the first day of
January of each year, or within sixty days thereafter, the Director shall
cause the registered policies of each company to be carefully revalued, and
the reserve value thereof at the time fixed for such valuation, less any
liens, (as set forth in a statement showing kind, nature and amount,
attested by the president or vice-president and secretary of the company
issuing the policies against which such liens exist) not exceeding such
reserve value as the company may have against such policies shall be
entered upon the record. It shall be the duty of
the Director to cancel mutilated policies issued by said companies prior to
the effective date of this Code, and register in lieu thereof other
policies of like tenor and date.
(Source: P.A. 87-757.)
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215 ILCS 5/250
(215 ILCS 5/250) (from Ch. 73, par. 862)
Sec. 250.
Additional
deposits.
Each company which shall have made the deposit provided for by the act
mentioned in section 246, shall make additional deposits from time to
time in amounts of not less than five thousand dollars of securities which
are authorized investments for life insurance companies under this Code, so
that the market value of the securities deposited shall always be equal to
the reserve value of the policies heretofore registered by said company,
less such liens (not exceeding such net value) as the company may have
against them.
(Source: Laws 1937, p. 696.)
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215 ILCS 5/251
(215 ILCS 5/251) (from Ch. 73, par. 863)
Sec. 251.
Record of
securities-Deficit-When insolvent.
The Director shall keep a record of the securities deposited by each
company and when furnishing the annual certificate of valuation mentioned
in section 249, he shall enter thereon the amount and market value of
such securities deposited by such company. If at any time it shall appear
from such certificate or otherwise that the value of the securities held on
deposit is less than the reserve value of the registered policies
theretofore issued by such company, less such liens (not exceeding such
reserve value) as the company may have against them, and the company shall
fail or neglect to make good such deposit within sixty days, after written
notice by the Director, it shall be deemed to be insolvent and shall be
proceeded against in the manner provided in Article XIII.
(Source: Laws 1937, p. 696.)
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215 ILCS 5/252
(215 ILCS 5/252) (from Ch. 73, par. 864)
Sec. 252.
May
increase deposit-Withdrawal of securities-Right to income.
Any such company may increase its deposits at any time by making
additional deposits of not less than five thousand dollars of securities
which are authorized investments for life companies under this Code. Any
company whose deposits exceed the reserve of all registered policies it has
in force, less such liens (not exceeding such reserve value) as the company
may hold against them, may withdraw such excess, or it may withdraw any of
said securities at any time by depositing in their stead securities of
equal value and authorized under this Code. So long as said company shall
remain solvent and maintain its deposits, as herein provided, it may
collect the interest, coupons, rents, and other income on the securities
deposited as the same may accrue.
(Source: Laws 1937, p. 696.)
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215 ILCS 5/253
(215 ILCS 5/253) (from Ch. 73, par. 865)
Sec. 253.
Deposits
kept separate.
The securities deposited with the Director pursuant to the act mentioned
in section 246, shall be kept in the same manner but separate from other
deposits of the company.
(Source: Laws 1937, p. 696.)
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215 ILCS 5/Art. XVI
(215 ILCS 5/Art. XVI heading)
ARTICLE XVI.
ASSESSMENT LEGAL RESERVE LIFE COMPANIES
(Repealed by P.A. 98-692, eff. 7-1-14; 98-969, eff. 1-1-15)
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215 ILCS 5/Art. XVII
(215 ILCS 5/Art. XVII heading)
ARTICLE XVII.
FRATERNAL BENEFIT SOCIETIES
(Article scheduled to be repealed on January 1, 2027)
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215 ILCS 5/282.1
(215 ILCS 5/282.1) (from Ch. 73, par. 894.1)
(Section scheduled to be repealed on January 1, 2027)
Sec. 282.1.
Fraternal benefit societies.
Any incorporated society,
order or supreme lodge without capital stock, including one exempted under
the provisions of Section 315.5(a) of this amendatory Act whether incorporated or
not, organized solely for the benefit of its members and their
beneficiaries and not for profit, operated on a lodge system with
ritualistic form of work, having a representative form of government and
providing benefits in accordance with this amendatory Act is hereby declared
to be a fraternal benefit society.
(Source: P.A. 84-303 .)
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215 ILCS 5/283.1
(215 ILCS 5/283.1) (from Ch. 73, par. 895.1)
(Section scheduled to be repealed on January 1, 2027)
Sec. 283.1.
Lodge system.
(a) A society is operating on the lodge
system if it has a supreme governing body and subordinate lodges into which
members are elected, initiated or admitted in accordance with its laws,
rules and ritual. Subordinate lodges shall be required by the laws of the
society to hold regular meetings at least once in each month in furtherance
of the purposes of the society.
(b) A society may, at its option, organize and operate lodges for
children under the minimum age for adult membership. Membership and
initiation in local lodges shall not be required of such children nor
shall they have a voice or vote in the management of the society.
(Source: P.A. 84-303 .)
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215 ILCS 5/284.1
(215 ILCS 5/284.1) (from Ch. 73, par. 896.1)
(Section scheduled to be repealed on January 1, 2027)
Sec. 284.1.
Representative form of government.
A society has a
representative form of government when:
(a) It has a supreme governing body constituted in | | one of the following ways:
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(1) Assembly. The supreme governing body is an
| | assembly composed of delegates elected directly by the members or at intermediate assemblies of members or their representatives, together with other delegates as may be prescribed in the society's laws. A society may provide for election of delegates by mail. The elected delegates shall constitute a majority in number and shall not have less than 2/3 of the votes and not less than the number of votes required to amend the society's laws. The assembly shall be elected and shall meet at least once every 4 years and shall elect a board of directors to conduct the business of the society between meetings of the assembly. Vacancies on the board of directors between elections may be filled in the manner prescribed by the society's laws; or
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(2) Direct Election. The supreme governing body
| | is a board composed of persons elected by the members, either directly or by their representatives in intermediate assemblies, and any other persons prescribed in the society's laws. A society may provide for election of the board by mail. Each term of a board member may be filled in the manner prescribed by the society's laws. However, those persons elected to the board shall constitute a majority in number and not less than the number of votes required to amend the society's laws. A person filling the unexpired term of an elected board member shall be considered to be an elected member. The board shall meet at least quarterly to conduct the business of the society;
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(b) The officers of the society are elected either by
| | the supreme governing body or by the board of directors;
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(c) Only benefit members are eligible for election to
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(d) Each voting member has one vote; no vote may be
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(Source: P.A. 84-303 .)
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215 ILCS 5/285.1
(215 ILCS 5/285.1) (from Ch. 73, par. 897.1)
(Section scheduled to be repealed on January 1, 2027)
Sec. 285.1.
Definitions.
Whenever used in this amendatory Act:
(a) "Benefit contract" shall mean the agreement for provision of
benefits authorized by Section 297.1 of this amendatory Act as that agreement is
described in Section 300.1 of this amendatory Act;
(b) "Benefit member" shall mean an adult member who is designated by the
laws or rules of the society to be a benefit member under a benefit contract;
(c) "Certificate" shall mean the document issued as written evidence of
the benefit contract;
(d) "Premiums" shall mean premiums, rates, dues or other required
contributions, by whatever name known, which are payable under the certificate;
(e) "Laws" shall mean the society's articles of incorporation,
constitution and bylaws, however designated;
(f) "Life insurer" shall mean an insurance company authorized to
transact in this State the insurance business classified as Class 1, Clause
(a) or (b) in Section 4 of this Code;
(g) "Rules" shall mean all rules, regulations or resolutions adopted by
the supreme governing body or board of directors which are intended to
have general application to the members of the society;
(h) "Society" shall mean fraternal benefit society, unless otherwise indicated; and
(i) "Lodge" shall mean subordinate member units of the society, known as
camps, courts, councils, branches or by any other designation.
(Source: P.A. 84-303 .)
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