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Illinois Compiled Statutes
Information maintained by the Legislative Reference Bureau Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide. Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.
INSURANCE (215 ILCS 5/) Illinois Insurance Code. 215 ILCS 5/421
(215 ILCS 5/421) (from Ch. 73, par. 1028)
Sec. 421.
Declaration of purpose.
The purpose of this article is to regulate trade practices in the
business of insurance in accordance with the intent of Congress as
expressed in the Act of Congress of March 9, 1945 (Public Law 15, 79th
Congress), by defining, or providing for the determination of, all such
practices in this State which constitute unfair methods of competition or
unfair or deceptive acts or practices and by prohibiting the trade
practices so defined or determined.
(Source: Laws 1959, p. 734.)
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215 ILCS 5/422
(215 ILCS 5/422) (from Ch. 73, par. 1029)
Sec. 422.
Definitions.
When used in this Article, "Person" shall mean any individual,
partnership, association, corporation, society, order, firm, company,
aggregation of individuals, reciprocal exchange, inter-insurer, Lloyds
insurer, fraternal benefit society, and any other legal entity to which any
article of this Code is applicable, or which is subject to examination,
visitation or supervision by the Director under any provision of this Code
or under any law of this State, or which is engaged or engaging in or
proposing or attempting to engage in or is representing that it is doing an
insurance or surety business in this State, or which is in process of
organization for the purpose of doing such business, including agents,
brokers, adjusters and solicitors.
(Source: Laws 1959, p. 734.)
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215 ILCS 5/423
(215 ILCS 5/423) (from Ch. 73, par. 1030)
Sec. 423.
Unfair
methods of competition or unfair and deceptive acts or practices
prohibited.
(1) No person shall engage in this State in any trade practice which is
defined in this Article as, or determined pursuant to this Article to be an
unfair method of competition or an unfair or deceptive act or practice in
the business of insurance.
(2) No person domiciled in or resident of this State shall engage in any
other State, Territory, Province, Possession, Country or District in which
he is not licensed or otherwise authorized to transact business in any
trade practice which is defined in this Article as, or determined pursuant
to this Article to be an unfair method of competition or an unfair or
deceptive act or practice in the business of insurance.
(Source: Laws 1967, p. 990.)
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215 ILCS 5/424
(215 ILCS 5/424) (from Ch. 73, par. 1031)
Sec. 424. Unfair methods of competition and unfair or deceptive acts or
practices defined. The following are hereby defined as unfair methods of
competition and unfair and deceptive acts or practices in the business of
insurance:
(1) The commission by any person of any one or more | | of the acts defined or prohibited by Sections 134, 143.24c, 147, 148, 149, 151, 155.22, 155.22a, 155.42, 236, 237, 364, 469, and 513b1 of this Code.
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(2) Entering into any agreement to commit, or by any
| | concerted action committing, any act of boycott, coercion or intimidation resulting in or tending to result in unreasonable restraint of, or monopoly in, the business of insurance.
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(3) Making or permitting, in the case of insurance of
| | the types enumerated in Classes 1, 2, and 3 of Section 4, any unfair discrimination between individuals or risks of the same class or of essentially the same hazard and expense element because of the race, color, religion, or national origin of such insurance risks or applicants. The application of this Article to the types of insurance enumerated in Class 1 of Section 4 shall in no way limit, reduce, or impair the protections and remedies already provided for by Sections 236 and 364 of this Code or any other provision of this Code.
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(4) Engaging in any of the acts or practices defined
| | in or prohibited by Sections 154.5 through 154.8 of this Code.
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(5) Making or charging any rate for insurance against
| | losses arising from the use or ownership of a motor vehicle which requires a higher premium of any person by reason of his physical disability, race, color, religion, or national origin.
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(6) Failing to meet any requirement of the Unclaimed
| | Life Insurance Benefits Act with such frequency as to constitute a general business practice.
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| (Source: P.A. 102-778, eff. 7-1-22.)
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215 ILCS 5/425
(215 ILCS 5/425) (from Ch. 73, par. 1032)
Sec. 425.
Power of
Director.
The Director shall have power to examine and investigate into the
affairs of every person engaged in the business of insurance in this State
and to examine and investigate into the affairs of any person domiciled in
or resident of this State engaged in the business of insurance in any other
State, Territory, Province, Possession, Country or District in which he is
not licensed or otherwise authorized to transact business in order to
determine whether such person has been or is engaged in any unfair method
of competition or in any unfair or deceptive act or practice prohibited by
Section 424.
(Source: Laws 1967, p. 990.)
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215 ILCS 5/426
(215 ILCS 5/426) (from Ch. 73, par. 1033)
Sec. 426.
Hearings.
(1) Whenever the Director shall have reason to believe that any such
person has been engaged or is engaging in this State in any unfair method
of competition or any unfair or deceptive act or practice defined in
Section 424, or that any person domiciled in or resident of this State
has been engaged or is engaging in any other State, Territory, Province,
Possession, Country or District in which he is not licensed or otherwise
authorized to transact business in any unfair method of competition or any
unfair or deceptive act or practice defined in Section 424, and that a
proceeding by him in respect thereto would be to the interest of the
public, he shall issue and serve upon such person or persons domiciled in
or resident of this State a statement of the charges in that respect and a
notice of a hearing thereon to be held at a time and place fixed in the
notice, which shall not be less than 10 days after the date of the service
thereof.
(2) At the time and place fixed for such hearing, such person shall have
an opportunity to be heard in person or by counsel and to show cause why an
order should not be made by the Director requiring such persons to cease
and desist from the acts, methods or practices so complained of. Upon good
cause shown, before the commencement of such hearing, the Director shall
permit any person to intervene, appear and be heard at such hearing by
counsel or in person.
(3) The Director, upon such hearing, may, and upon the request of any
party shall, cause to be made a stenographic record of all the evidence and
all the proceedings had at such hearing. If no stenographic record is made
and if a judicial review is sought, the Director shall prepare a statement
of the evidence and proceeding for use on review.
(Source: Laws 1967, p. 990.)
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215 ILCS 5/427
(215 ILCS 5/427) (from Ch. 73, par. 1034)
Sec. 427.
Cease and
desist orders and modifications thereof.
(1) If, after such hearing, the Director shall determine that the method
of competition or the act or practice in question is defined in Section
424 and that the person complained of has engaged in such method of
competition, act or practice in violation of this article, he shall reduce
his findings to writing and shall issue and cause to be served upon the
person charged with the violation an order requiring such person to cease
and desist from engaging in such method of competition, act or practice.
(2) Until the expiration of the time allowed under Section 407 of this
Code for filing a complaint for review if no such complaint has been duly
filed within such time or, if a complaint for review has been filed within
such time, then until the answer in the proceeding has been filed in the
court, as provided in said section, the Director may at any time, upon such
notice and in such manner as he shall deem proper, modify or set aside in
whole or in part any order issued by him under this section.
(3) After the expiration of the time allowed for filing such a complaint
for review if no such complaint has been duly filed within such time, the
Director may at any time, after notice and opportunity for hearing, reopen
and alter, modify or set aside, in whole or in part, any order issued by
him under this section, whenever in his opinion conditions of fact or of
law have so changed as to require such action or if the public interest
shall so require.
(Source: Laws 1959, p. 734.)
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215 ILCS 5/428
(215 ILCS 5/428) (from Ch. 73, par. 1035)
Sec. 428.
Procedure
on review.
(1) To the extent that the order of the Director is affirmed, the court
shall thereupon enter its own order commanding obedience to the terms of
the order of the Director. If either party applies to the court for
leave to adduce additional evidence, and shows to the satisfaction of
the court that such additional evidence is material and that there were
reasonable grounds for the failure to adduce such evidence in the
proceeding before the Director, the court may order such additional
evidence to be taken before the Director and to be adduced upon the hearing
in such manner and upon such terms and conditions as to the court may seem
proper. The Director, may modify his or her findings of fact, or make new findings
by reason of the additional evidence so taken, and he or she shall file such
modified or new findings as well as any modification of the original order
reached as a result of hearing such additional evidence.
(2) A cease and desist order issued by the Director under Section 427
shall become final.
(a) Upon the expiration of the time allowed for filing a complaint for
review if no such complaint has been duly filed within such time; but
the Director may thereafter modify or set aside his or her order to the
extent provided in Section 427 (2); or
(b) Upon the entry of a final decision, order or judgment of the
court.
(3) No order of the Director under this Article or order of a court to
enforce the same shall in any way relieve or absolve any person affected by
such order from any liability under any other laws of this State.
(Source: P.A. 84-1308.)
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215 ILCS 5/429
(215 ILCS 5/429) (from Ch. 73, par. 1036)
Sec. 429. Procedure
as to unfair methods of competition and unfair or deceptive acts or
practices which are not defined. (1) Whenever the Director shall have reason to believe (a) that any
person engaged in the business of insurance is engaging in this State in
any method of competition or in any act or practice in the conduct of such
business which is not defined in Section 424, as an unfair method of
competition or an unfair or deceptive act or practice or that any person
domiciled in or resident of this State engaged in the business of insurance
is engaging in any other state, territory, province, possession, country,
or district in which he or she is not licensed or otherwise authorized to transact
business in any method of competition or in any act or practice in the
conduct of such business which is not defined in Section 424, as an unfair
method of competition or an unfair or deceptive act or practice, and (b)
that such method of competition is unfair or that such act or practice is
unfair or deceptive, or (c) that such unfair method of competition or such
unfair or deceptive act or practice violates any of the provisions of this Code or any other law of this State, or (d) that a proceeding
by him or her in respect thereto would be to the interest of the public,
he or she may
issue and serve upon such person a statement of the charges in that respect
and a notice of a hearing thereon to be held at a time and place fixed in
the notice, which shall not be less than 10 days after the date of the
service thereof. Each such hearing shall be conducted in the same manner as
the hearings provided for in Section 426. The Director shall, after such
hearing, make a report in writing in which he or she shall state his
or her findings as
to the facts, and he or she shall serve a copy thereof upon such person.
(2) If such report charges a violation of this Article and if such
method of competition, act, or practice has not been discontinued, the
Director may, through the Attorney General of this State, at any time after
the service of such report cause a complaint to be filed in the Circuit
Court of Sangamon County or in the Circuit Court of this State within the
county wherein the person resides or has his principal place of business,
to enjoin and restrain such person from engaging in such method, act, or
practice. The court shall have jurisdiction of the proceeding and shall
have power to make and enter appropriate orders in connection therewith and
to enter such orders as are ancillary to its jurisdiction
or are necessary
in its judgment to prevent injury to the public pendente lite.
(3) A transcript of the proceedings before the Director including all
evidence taken and the report and findings shall be filed with such
complaint. If either party shall apply to the court for leave to adduce
additional evidence and shall show, to the satisfaction of the court, that
such additional evidence is material and there were reasonable grounds for
the failure to adduce such evidence in the proceedings before the Director
the court may order such additional evidence to be taken before the
Director and to be adduced upon the hearing in such manner and upon such
terms and conditions as to the court may seem proper. The Director may
modify his or her findings of fact or make new findings by reason of the
additional evidence so taken, and he or she shall file such modified or new
findings with the return of such additional evidence.
(4) If the court finds (a) that the method of competition complained of
is unfair or that the act or practice complained of is unfair or deceptive,
or (b) that such unfair method of competition or such unfair or deceptive
act or practice is in violation of this Code or any other law of
this State and (c) that the proceeding by the Director with respect thereto
is to the interest of public and (d) that the findings of the Director are
supported by the evidence, it shall enter an order enjoining and
restraining the continuance of such method of competition, act, or practice.
(Source: P.A. 100-863, eff. 8-14-18.)
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215 ILCS 5/430
(215 ILCS 5/430) (from Ch. 73, par. 1037)
Sec. 430.
Judicial review by intervenor.
If the report of the Director
does not charge a violation of this
Article, then any party in interest who was an intervenor in the
proceedings before the Director may within 35 days after the service of
such report, cause a complaint to be filed in the Circuit Court of Sangamon
County for a review of such report. Upon such review, the court shall have
authority to issue appropriate orders and judgment in connection therewith,
including, if the court finds that it is to the interest of the public,
orders enjoining and restraining the continuance of any method of
competition, act or practice which it finds, notwithstanding such report of
the Director, constitutes a violation of this Article.
(Source: P.A. 79-1362.)
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215 ILCS 5/431
(215 ILCS 5/431) (from Ch. 73, par. 1038)
Sec. 431.
Penalty.
Any person who violates a cease and desist order of the Director under
Section 427, after it has become final, and while such order is in
effect, or who violates an order of the Circuit Court under Section 429,
shall, upon proof thereof to the satisfaction of the court, forfeit and pay
to the State of Illinois, a sum not to exceed $1,000, which may be
recovered
in a civil action, for each violation.
(Source: P.A. 93-32, eff. 7-1-03.)
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215 ILCS 5/432
(215 ILCS 5/432) (from Ch. 73, par. 1039)
Sec. 432.
Provisions additional to existing law.
The powers vested in the Director by this Article shall be additional to
any other powers to enforce any penalties, fines or forfeitures authorized
by law with respect to the methods, acts and practices hereby declared to
be unfair or deceptive.
(Source: Laws 1959, p. 734.)
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215 ILCS 5/433
(215 ILCS 5/433) (from Ch. 73, par. 1040)
Sec. 433.
Immunity
from prosecution.
If any person shall ask to be excused from attending and testifying or
from producing any books, papers, records, correspondence or other
documents at any hearing on the ground that the testimony or evidence
required of him may tend to incriminate him or subject him to a penalty or
forfeiture, and shall notwithstanding be directed to give such testimony or
produce such evidence, he must none the less comply with such direction,
but he shall not thereafter be prosecuted or subjected to any penalty or
forfeiture for or on account of any transaction, matter or thing concerning
which he may testify or produce evidence pursuant thereto, and no testimony
so given or evidence produced shall be received against him upon any
criminal action, investigation or proceeding, provided, however, that no
such individual so testifying shall be exempt from prosecution or
punishment for any perjury committed by him while so testifying and the
testimony or evidence so given or produced shall be admissible against him
upon any criminal action, investigation or proceeding concerning such
perjury, nor shall he be exempt from the refusal, revocation or suspension
of any license, permission or authority conferred, or to be conferred,
pursuant to the insurance laws of this State. Any such individual may
execute, acknowledge and file in the office of the Director a statement
expressly waiving such immunity or privilege in respect to any transaction,
matter or thing specified in such statement and thereupon the testimony of
such person or such evidence into such transaction, matter or thing may be
received or produced before any judge or justice, court, tribunal, grand
jury or otherwise, and if so received or produced such individual shall not
be entitled to any immunity or privilege on account of any testimony he may
so give or evidence so produced.
(Source: Laws 1959, p. 734.)
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215 ILCS 5/434
(215 ILCS 5/434) (from Ch. 73, par. 1041)
Sec. 434.
Separability provision.
If any provision of this Article, or the application of such provision
to any person or circumstances, shall be held invalid, the remainder of the
Article, and the application of such provision to persons or circumstances
other than those as to which it is held invalid, shall not be affected
thereby.
(Source: Laws 1959, p. 734.)
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215 ILCS 5/Art. XXVIII
(215 ILCS 5/Art. XXVIII heading)
ARTICLE XXVIII.
FINAL PROVISIONS
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215 ILCS 5/441
(215 ILCS 5/441) (from Ch. 73, par. 1053)
Sec. 441.
General
corporate powers.
(1) In order to carry out the purpose for which it is organized, each
company under the laws of the State and subject to the provisions of this
Code shall have
(a) perpetual succession by its corporate name unless a limited period
of duration is stated in its articles of incorporation;
(b) power in its corporate name to sue and be sued, to contract and be
contracted with, to own, hold, sell, convey, mortgage, pledge, lease and
otherwise dispose of real and personal property;
(c) power to adopt by-laws not in conflict with the provisions of this
Code, and to adopt and use a seal and to alter the same at pleasure;
(d) power to make donations in reasonable amounts for the public welfare
or for charitable, scientific, religious or educational purposes;
(e) such other powers as shall be needful to accomplish the purposes of
its organization.
(2) Such power shall be exercised subject to the provisions and
restrictions of this Code and other laws of this State.
(3) No conveyance or transfer by or to any company of property, real or
personal, of any kind or description, shall be invalid or fail because in
making such conveyance or transfer or in acquiring such property, real or
personal, the company, its board of directors, trustees or other governing
body, or any of its officers, acting within the scope of the actual or
apparent authority given to them by its board of directors, trustees or
other governing body, have in so doing exceeded any of the purposes or
powers of the company.
(Source: Laws 1959, p. 151.)
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215 ILCS 5/442
(215 ILCS 5/442) (from Ch. 73, par. 1054)
Sec. 442.
Validation of illegally issued policies.
Any contract or policy of insurance or any application, endorsement or
rider form used in connection therewith issued in violation of any section
of this Code requiring certain provisions to be inserted therein or the
inclusion of provisions prohibited, or issued without submitting same for
approval by the Director in accordance with section 143, shall
nevertheless be held valid but shall be construed in accordance with the
requirements of the section that the said policy, application, endorsement
or rider violates, and when any provision in such contract, application,
endorsement or rider is in conflict with any provision of this Code, the
rights, and obligations of the company thereunder shall not be less
favorable to the holder of the contract and the beneficiary or annuitant
thereunder than is required by the provisions of this Code applicable
thereto.
(Source: Laws 1937, p. 696.)
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215 ILCS 5/443
(215 ILCS 5/443) (from Ch. 73, par. 1055)
Sec. 443.
Reciprocity.
The policies of a company, not organized under the laws of this State,
may contain any provision which the law of the state or country under which
the company is organized prescribes shall be in such policies when issued
in this State, and the policies of such insurance company organized under
the laws of this State may, when issued or delivered in any other state or
country, contain any provisions required by the laws of the state or
country in which the same are issued, anything in this Code to the contrary
notwithstanding.
(Source: Laws 1937, p. 696.)
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215 ILCS 5/444
(215 ILCS 5/444) (from Ch. 73, par. 1056)
Sec. 444. Retaliation.
(1) Whenever the existing or future laws of any other state or country
shall
require of companies incorporated or organized under the laws of this State
as a condition precedent to their doing business in such other state or
country, compliance with laws, rules, regulations, and prohibitions more
onerous or burdensome than the rules and regulations imposed by this State
on foreign or alien companies, or shall require any deposit of securities
or other obligations in such state or country, for the protection of
policyholders or otherwise or require of such companies or agents thereof
or brokers the payment of penalties, fees, charges, or taxes greater than
the penalties, fees, charges, or taxes required in the aggregate for like
purposes by this Code or any other law of this State, of foreign or alien
companies, agents thereof or brokers, then such laws, rules, regulations,
and prohibitions of said other state or country shall apply to companies
incorporated or organized under the laws of such state or country doing
business in this State, and all such companies, agents thereof, or brokers
doing business in this State, shall be required to make deposits, pay
penalties, fees, charges, and taxes, in amounts equal to those required in
the aggregate for like purposes of Illinois companies doing business in
such state or country, agents thereof or brokers. Whenever any other state
or country shall refuse to permit any insurance company incorporated or
organized under the laws of this State to transact business according to
its usual plan in such other state or country, the director may, if
satisfied that such company of this State is solvent, properly managed, and
can operate legally under the laws of such other state or country,
forthwith suspend or cancel the license of every insurance company doing
business in this State which is incorporated or organized under the laws of
such other state or country to the extent that it insures in this State
against any of the risks or hazards which are sought to be insured against
by the company of this State in such other state or country.
(2) The provisions of this Section shall not apply to residual market
or special purpose assessments or guaranty fund or guaranty association
assessments, both under the laws of this State and under the laws of any other
state
or country, and any tax offset or credit for any such assessment shall, for
purposes of this Section, be treated as a tax paid both under the laws of this
State and under the laws of any other state or country.
(3) The terms "penalties", "fees", "charges", and "taxes" in subsection
(1) of this
Section
shall include: the penalties, fees, charges, and taxes collected on a cash basis under State
law
and
referenced within Article XXV exclusive of any items referenced by
subsection
(2) of this Section, but including any tax offset allowed under Section 531.13
of this Code; the aggregate Illinois corporate income taxes paid under Sections 601 and 803
of the Illinois Income Tax Act during the calendar year for which the retaliatory tax calculation is being made, less the recapture of any Illinois corporate income tax cash refunds to the extent that the amount of tax refunded was reported as part of the Illinois basis in the calculation of the retaliatory tax for a prior tax year, provided that such recaptured refund shall not exceed the amount necessary for equivalence of the Illinois basis with the state of incorporation basis in such tax year, and after
any tax offset allowed under Section 531.13 of this Code;
income or personal property taxes imposed by other states or countries;
penalties, fees, charges, and taxes of other states
or countries imposed for purposes like those of the penalties, fees, charges,
and taxes
specified in Article XXV of this Code exclusive of any item referenced in
subsection (2) of this Section; and any penalties, fees, charges, and taxes
required as
a
franchise, privilege, or licensing tax for
conducting the business of insurance whether calculated as a percentage of
income, gross receipts, premium, or otherwise.
(4) Nothing contained in this Section or Section 409 or Section 444.1 is
intended to authorize or expand any power of local governmental units or
municipalities to impose taxes, fees, or charges.
(5) This Section is subject to the provisions of Section 10 of the New Markets Development Program Act. (Source: P.A. 98-1169, eff. 1-9-15.)
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215 ILCS 5/444.1
(215 ILCS 5/444.1) (from Ch. 73, par. 1056.1)
Sec. 444.1. Payment of retaliatory taxes.
(1) Every foreign or alien
company doing insurance business in this State shall pay the Director the
retaliatory tax determined in accordance with Section 444.
(2) (a) All companies subject to the provisions of this Section shall
make an
annual return for the preceding calendar year on or before March 15 setting
forth such information on such forms as the Director may reasonably require.
Payments of quarterly installments of the taxpayer's total estimated
retaliatory tax for the current calendar year shall be due on or before April
15, June 15, September 15, and December 15 of such year, except that all
companies
transacting insurance business in this State whose annual tax for the
immediately
preceding calendar year was less than $5,000 shall make only an annual
return. Failure of a company to make the annual payment, or to make the
quarterly payments, if required, of at least one-fourth of either (i) the total
tax paid during the previous calendar year or (ii) 80% of the actual tax for
the current calendar year shall subject it to the penalty provisions set forth
in Section 412 of this Code.
(b) Notwithstanding the foregoing provisions of paragraph (a) of this
subsection, the retaliatory tax liability of companies under Section 444 of
this Code for the calendar year ended December 31, 1997 shall be
determined in accordance with this amendatory Act of 1998 and shall include in
the aggregate comparative tax burden for the State of Illinois, any tax offset
allowed under Section 531.13 of this Code and any income
taxes paid for the year 1997 under subsections (a) through (d) of Section 201
of the Illinois Income Tax Act after any tax offset allowed under Section
531.13 of this Code.
(i) Any annual retaliatory tax returns and payments | | made for the year ended December 31, 1997 and any quarterly installments of the taxpayer's total estimated 1998 retaliatory tax liability paid prior to the effective date of this Amendatory Act of 1998 that do not include the items specified by subsection (1) of this Section shall be amended and restated, at the taxpayer's election, on forms prepared by the Director so as to provide for the inclusion of such items. An amended and restated return for the year ended December 31, 1997 filed under this subparagraph shall treat any payment of estimated privilege taxes under Section 409 as in effect prior to October 23, 1997 as a payment of estimated retaliatory taxes for the year ended December 31, 1997.
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(ii) Any overpayment resulting from such amended
| | return and restated tax liability shall be allowed as a credit against any subsequent privilege or retaliatory tax obligations of the taxpayer.
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(iii) In the year 1999 and thereafter all companies
| | shall make annual and quarterly installments of their estimated tax as provided by paragraph (a) of this subsection.
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(3) Any tax payment made under this Section and any tax returns prepared
in compliance with Section 410 shall give full consideration to the impact
of any future reduction in or elimination of a taxpayer's liability under
Section 409, whether such reduction or elimination is due to an operation
of law or an Act of the General Assembly.
(4) Any foreign or alien taxpayer who makes, under protest, a tax payment
required by Section 409 shall, at the time of payment, file a retaliatory
tax return sufficient to disclose the full amount of retaliatory taxes which
would be due and owing for the tax period in question if the protest were
upheld. Notwithstanding the provisions of the State Officers and Employees
Money Disposition Act or any other laws of this State, the protested
payment, to the extent of the retaliatory tax so disclosed, shall be deposited
directly in the General Revenue Fund; and the balance of the payment, if
any, shall be deposited in a protest account pursuant to the provisions
of the aforesaid Act, as now or hereafter amended.
(5) The failure of a company to make the annual payment or to make the
quarterly payments, if required,
of at least one-fourth of either (i) the total tax paid
during the preceding
calendar year or (ii) 80% of the actual tax for the current calendar
year shall subject it to the penalty provisions set forth in Section
412 of this Code.
(6) This Section is subject to the provisions of Section 10 of the New Markets Development Program Act.
(Source: P.A. 95-1024, eff. 12-31-08.)
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