(215 ILCS 5/154.9) Sec. 154.9. Payment of applicable use or occupation tax, title, and transfer fees on a private passenger total loss claim. (a) When an insurer determines that an insured's or third-party claimant's private passenger automobile is a total loss that is covered under the terms of a personal automobile policy issued or renewed on or after July 1, 2022 by the insurer, the insurer shall pay any use or occupation tax imposed by the State or a unit of local government and title and transfer fees as provided for in this Section. As used in this Section, "private passenger vehicle" means a private passenger motor vehicle, station wagon, or any other 4-wheeled motor vehicle with a load capacity of 1,500 pounds or less that is not used in the occupation, profession, or business of the insured or third-party claimant, not used as a public or livery conveyance for passengers, nor rented to others. (b) If the insurer elects to replace the insured vehicle, the insurer shall pay any use or occupation tax imposed by the State or a unit of local government tax and title and transfer fees on the replacement vehicle. (c) If a cash settlement is provided for the total loss private passenger vehicle, the insurer shall reimburse the insured or third-party claimant for any use or occupation tax imposed by the State or a unit of local government and title and transfer fees if the replacement vehicle is purchased or leased within 30 days after the receipt of the cash settlement by the insured or third-party claimant and the insured or third-party claimant substantiates such purchase and the payment of such taxes and fees by submission of appropriate documentation to the insurer within 33 days after the receipt of the settlement or receipt of the required reimbursement form from the insurer, whichever is later. (1) With respect to leased vehicles, use or |
| occupation taxes and title and transfer fees shall be deemed to be incurred by the insured or the third-party claimant at the time the lease is entered into, but only if such use or occupation taxes and title and transfer fees are included in the cost of the lease or are paid directly by the insured or third-party claimant.
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(2) The insurer is not required to reimburse the
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| insured or third-party claimant for any use or occupation taxes and title or transfer fees in excess of the amount payable based on the value of the total loss vehicle at the time of the loss or for taxes and title or transfer fees not actually paid by the insured or third-party claimant.
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(3) In lieu of this reimbursement procedure, the
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| insurer may directly pay the required amount of any use or occupation taxes and title and transfer fees to the claimant at the time of settlement.
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(4) If an insurer requires a particular form be
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| used to apply for reimbursement of any use or occupation taxes and title or transfer fees, the form must be delivered to the insured or third-party claimant at or before the time of settlement.
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(d) The Department may adopt rules establishing uniform standards for implementation of this Section, including, but not limited to, prescribing the method of determining the market value of the insured's or third-party claimant's vehicle.
(Source: P.A. 102-69, eff. 7-1-22 .)
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(215 ILCS 5/155) (from Ch. 73, par. 767)
Sec. 155.
Attorney fees.
(1) In any action by or against a company wherein
there is in issue the liability of a company on a policy or policies of
insurance or the amount of the loss payable thereunder, or for an unreasonable
delay in settling a claim, and it appears to the court that such action
or delay is vexatious and unreasonable, the court may allow as part of the
taxable costs in the action reasonable attorney fees, other costs, plus
an amount not to exceed any one of the following amounts:
(a) 60% of the amount which the court or jury finds |
| such party is entitled to recover against the company, exclusive of all costs;
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(b) $60,000;
(c) the excess of the amount which the court or jury
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| finds such party is entitled to recover, exclusive of costs, over the amount, if any, which the company offered to pay in settlement of the claim prior to the action.
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(2) Where there are several policies insuring the same insured
against the same loss whether issued by the same or by different
companies, the court may fix the amount of the allowance so that the
total attorney fees on account of one loss shall not be increased by
reason of the fact that the insured brings separate suits on such policies.
(Source: P.A. 93-485, eff. 1-1-04.)
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(215 ILCS 5/155.04) (from Ch. 73, par. 767.4)
Sec. 155.04.
Standards for companies and officials.
(1) The Director shall not approve any declaration of organization or
Articles of Incorporation or issue a Certificate of Authority to any
company until he has found that (a) the company has submitted a sound plan
of operation, and (b) the general character and experience of the
incorporators, directors and proposed officers is such as to assure
reasonable promise of a successful operation, based on the fact that such
persons are of known good character and that there is no good reason to
believe that they are affiliated, directly or indirectly, through
ownership, control, management, reinsurance transactions or other insurance
of business relations with any person or persons known to have been
involved in the improper manipulation of assets, accounts or reinsurance.
The Director may require, in substantially the same form, the information
required under Section 131.5 of this Code.
(2) All companies licensed to do business in this state must notify the
Director within 30 days of the appointment or election of any new officers
or directors.
(3) Except in cases where the Director deems that any officer or
director meets the standards set forth in this section, he shall, after
notice and hearing afforded to the officer or director, and after a finding
that the officer or director is incompetent or untrustworthy or of known
bad character, order the removal of the person. If a company does not
comply with a removal order within 30 days, the Director shall suspend that
company's Certificate of Authority until such time as the order is complied
with.
(4) It shall be unlawful for a company to borrow money or
receive a
loan or advance from anyone convicted of a felony, anyone who is
untrustworthy or of known bad character or anyone convicted of a criminal
offense involving
the conversion or misappropriation of fiduciary funds or insurance
accounts, theft, deceit, fraud, misrepresentation or corruption.
(Source: P.A. 89-97, eff. 7-7-95.)
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(215 ILCS 5/155.18) (from Ch. 73, par. 767.18)
Sec. 155.18. (a) This Section shall apply to insurance on risks based
upon negligence by a physician, hospital or other health care provider,
referred to herein as medical liability insurance. This Section shall not
apply to contracts of reinsurance, nor to any farm, county, district or
township mutual insurance company transacting business under an Act entitled
"An Act relating to local mutual district, county and township insurance
companies", approved March 13, 1936, as now or hereafter amended, nor to
any such company operating under a special charter.
(b) The following standards shall apply to the making and use of rates
pertaining to all classes of medical liability insurance:
(1) Rates shall not be excessive or inadequate, as |
| herein defined, nor shall they be unfairly discriminatory. No rate shall be held to be excessive unless such rate is unreasonably high for the insurance provided, and a reasonable degree of competition does not exist in the area with respect to the classification to which such rate is applicable.
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No rate shall be held inadequate unless it is
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| unreasonably low for the insurance provided and continued use of it would endanger solvency of the company.
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(2) Consideration shall be given, to the extent
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| applicable, to past and prospective loss experience within and outside this State, to a reasonable margin for underwriting profit and contingencies, to past and prospective expenses both countrywide and those especially applicable to this State, and to all other factors, including judgment factors, deemed relevant within and outside this State.
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Consideration may also be given in the making and use
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| of rates to dividends, savings or unabsorbed premium deposits allowed or returned by companies to their policyholders, members or subscribers.
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(3) The systems of expense provisions included in the
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| rates for use by any company or group of companies may differ from those of other companies or groups of companies to reflect the operating methods of any such company or group with respect to any kind of insurance, or with respect to any subdivision or combination thereof.
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(4) Risks may be grouped by classifications for the
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| establishment of rates and minimum premiums. Classification rates may be modified to produce rates for individual risks in accordance with rating plans which establish standards for measuring variations in hazards or expense provisions, or both. Such standards may measure any difference among risks that have a probable effect upon losses or expenses. Such classifications or modifications of classifications of risks may be established based upon size, expense, management, individual experience, location or dispersion of hazard, or any other reasonable considerations and shall apply to all risks under the same or substantially the same circumstances or conditions. The rate for an established classification should be related generally to the anticipated loss and expense factors of the class.
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(c) Every company writing medical liability insurance shall file with
the
Director of Insurance the rates and rating schedules it uses for medical
liability insurance.
(1) This filing shall occur at least annually and
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| as often as the rates are changed or amended.
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(2) For the purposes of this Section any change in
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| premium to the company's insureds as a result of a change in the company's base rates or a change in its increased limits factors shall constitute a change in rates and shall require a filing with the Director.
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(3) It shall be certified in such filing by an officer of the company
and a qualified actuary that the company's rates
are based on sound actuarial
principles and are not inconsistent with the company's experience.
(d) If after
a hearing the
Director finds:
(1) that any rate, rating plan or rating system
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| violates the provisions of this Section applicable to it, he may issue an order to the company which has been the subject of the hearing specifying in what respects such violation exists and stating when, within a reasonable period of time, the further use of such rate or rating system by such company in contracts of insurance made thereafter shall be prohibited;
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(2) that the violation of any of the provisions of
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| this Section applicable to it by any company which has been the subject of hearing was wilful, he may suspend or revoke, in whole or in part, the certificate of authority of such company with respect to the class of insurance which has been the subject of the hearing.
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(Source: P.A. 103-426, eff. 8-4-23.)
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