(215 ILCS 5/139)
(from Ch. 73, par. 751)
Penalties for late or false annual statement.
(1) Any company failing, without just cause, to file its financial
statements as required in this Code shall be required, after notice and
hearing, 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 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.
Any statement which is not materially complete when filed
not be considered to have been properly filed until those deficiencies
which make the filing incomplete have been corrected and filed.
(2) Any director, officer, agent or employee of any company, who
subscribes to, makes or concurs in making or publishing any annual or other
statement required by law, knowing the same to contain any material
statement which is false shall, after notice and hearing, be guilty of a
business offense and shall be fined not more than $50,000.
The penalty shall be paid into the General Revenue fund of the State of
(Source: P.A. 98-910, eff. 7-1-15