Illinois General Assembly - Full Text of Public Act 100-0570
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Public Act 100-0570


Public Act 0570 100TH GENERAL ASSEMBLY



Public Act 100-0570
SB1667 EnrolledLRB100 10711 SMS 20940 b

    AN ACT concerning regulation.
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
    Section 5. The Title Insurance Act is amended by changing
Sections 6, 8, and 13 as follows:
    (215 ILCS 155/6)  (from Ch. 73, par. 1406)
    Sec. 6. Reinsurance.
    (a) A title insurance company may obtain reinsurance for
all or any part of its liability under one or more of its title
insurance policies or reinsurance agreements and may also
reinsure title insurance policies issued by other title
insurance companies on risks located in this State or
    (a-5) Notwithstanding any other provision of this Act, a
title insurance company may obtain reinsurance for all or any
part of its liability under one or more of its title insurance
policies from an assuming insurer with a financial strength
rating of A- or better from A.M. Best Company, Inc., or with an
alternative rating the Department may approve that the
Department determines is an equivalent rating by another
recognized rating organization.
    (b) A title insurance company licensed to do business in
this State shall retain at least $100,000 of primary liability
for policies it issues, unless a lesser sum is authorized by
the Secretary. A lesser sum may be retained at the request of
an insured for a particular policy. This subsection (b) applies
only to policies issued on or after the effective date of this
amendatory Act of the 94th General Assembly.
(Source: P.A. 94-893, eff. 6-20-06.)
    (215 ILCS 155/8)  (from Ch. 73, par. 1408)
    Sec. 8. Retained liability.
    (a) The net retained liability of a title insurance company
for a single risk on property located in this State, whether
assumed directly or as reinsurance, may not exceed 50% of the
total surplus to policyholders as shown in the most recent
annual statement of the title insurance company on file with
the Department.
    (b) The Secretary may waive the limitation of this Section
for a particular risk upon application of the title insurance
company and for good cause shown.
(Source: P.A. 94-893, eff. 6-20-06.)
    (215 ILCS 155/13)  (from Ch. 73, par. 1413)
    Sec. 13. Annual statement.
    (a) Each title insurance company shall file with the
Department during the month of March of each year, a statement
under oath, of the condition of such company on the
thirty-first day of December next preceding disclosing the
assets, liabilities, earnings and expenses of the company. The
report shall be in such form and shall contain such additional
statements and information as to the affairs, business, and
conditions of the company as the Secretary may from time to
time prescribe or require.
    (b) By June 1 of each year, a title insurance company must
file with the Department a copy of its most recent audited
financial statements.
    (c) If determined to be necessary and appropriate by the
Department, a title insurance company shall provide a summary
describing its professional reinsurance placed outside of the
title insurance industry.
(Source: P.A. 94-893, eff. 6-20-06.)

Effective Date: 6/1/2018