(215 ILCS 5/513a8)
(from Ch. 73, par. 1065.60a8)
(a) The Director may examine any applicant for or holder of a premium
(b) All persons being examined, as well as their officers and directors,
shall provide to the Director convenient and free access, at all reasonable
hours at their offices, to all books, records, documents, and other papers
relating to the person's insurance and premium financing business affairs.
The licensee or its officers, directors, and employees shall facilitate and
aid the Director in the examinations as much as it is in their power to do so.
(c) The Director may designate an examiner or examiners to conduct any
examination under this Section. The Director or his designee may administer
oaths and examine under oath any individual relative to the business of the
person being examined.
(d) The examiners designated by the Director under this Section may make
reports to the Director. Any report alleging substantive violations of this
Code or the rules and regulations thereunder shall be in writing and be
based upon facts obtained by the examiners. The report of examination shall
be verified by the examiners.
(e) If a report is made, the Director shall either deliver a duplicate
thereof to the licensee being examined or send the duplicate by certified
or registered mail to the licensee's address of record. The Director shall
afford the licensee an opportunity to request a hearing with reference to
the facts and other evidence contained in the report. The licensee may
request a hearing within 14 calendar days after he receives the duplicate
of the examination report by giving the Director written notice of that
request, together with written statement of the licensee's objection to the
report. The Director shall, if requested to do so, conduct a hearing in
accordance with Sections 402 and 403. The Director shall issue a written
order based upon the examination report within 90 days after the report is
filed or within 90 days after the hearing, if a hearing is held. If the
report is refused or otherwise undeliverable or a hearing is not requested
in a timely fashion, the right to a hearing is waived. After the hearing or
the expiration of the time period in which a licensee may request a
hearing, if the examination reveals that the licensee is operating in
violation of any law, this Code or rules and regulations promulgated
thereunder, or prior order, the Director in the written order may require
the licensee to take any action the Director considers necessary or
appropriate in accordance with the report or examination hearing. The
order is subject to review under the Administrative Review Law.
(f) Any licensee who violates or aids and abets any violation of a
written order issued under this Section shall be guilty of a business
offense, and his license may be revoked or suspended under Section 513a7,
and he may be fined not less than $501 nor more than $5,000.
(Source: P.A. 87-811.)