(215 ILCS 5/131.16)
(from Ch. 73, par. 743.16)
Reporting material changes or additions; penalty for late
(1) Each registered company must keep current the information required to be
included in its registration statement by reporting all material changes
or additions on amendment forms designated by the Director within 15 days
after the end of the month in which it learns of each change or addition,
or within a longer time thereafter as the Director may establish. Any
transaction which has been submitted to the Director pursuant to Section
131.20a need not be reported to the Director under this subsection; except
each registered company must
report all dividends and other distributions to shareholders within 5
business days following the declaration, and no less than 10 business days prior to payment thereof.
(2) On or before May 1 each year, each company subject to registration
under this Article shall file a statement in a format as designated by
the Director. This statement shall include information previously included
in an amendment under subsection (1) of this Section, transactions and
submitted under Section 131.20a, and any other material transactions which
are required to be reported.
(2.5) Any person within an insurance holding company system subject to registration shall be required to provide complete and accurate information to a company where the information is reasonably necessary to enable the company to comply with the provisions of this Article.
(3) Any company failing, without just cause, to file any registration
statement, any summary of changes to a registration statement, or any Enterprise Risk Filing or any person within an insurance holding company system who fails to provide complete and accurate information to a company as required in this Code shall be required
to pay a penalty of up to $1,000 for each day's delay, to be
recovered by the Director
of Insurance of the State of Illinois, using the notice and hearing procedure in subsection (2) of Section 403A of this Code, and the penalty so recovered shall
be paid into the General Revenue Fund of the State of Illinois. The maximum
penalty under this section is $50,000. The Director may reduce
the penalty if the company demonstrates to the Director that the imposition
of the penalty would constitute a financial hardship to the company.
(Source: P.A. 98-609, eff. 1-1-14; 98-910, eff. 7-1-15