Download Illinois Insurance Regulations: Cease-and-Desist Orders, Fines, and Licensing Requirements and more Exams Insurance law in PDF only on Docsity! IL statutes and Regulations common to all lines Illinois Statutes and Regulations Common to all Lines Questions with Certified Solutions 2024-2025. whenever it appears that any person is violating an insurance law of this state or any rule or regulation made by the director - Answer: director may issue a cease- and-desist order any person that violates a cease-and-desist order is subject to a - Answer: $1000 The subject of an examination may request a hearing in writing within _ days after receipt of the examination report - Answer: 10 IL statutes and Regulations common to all lines The director must issue a written order based upon the hearing within _ days after the report is filed - Answer: 90 any person that violates a written order under the Market Conduct and Non- financial examinations section of the insurance code will be in violation of __ and fined up to __ - Answer: business offense, $5000 A person receiving a duplicate of the examination report may request a hearing within - Answer: 14 calendar days after receiving a duplicate of report any co/ person violates a written order under the regulatory examinations section of the insurance code will be fined up to - Answer: $20,000, along with a license suspension or revocation A person may not offer advice, counsel or opinions with respect to insurance, for a fee, unless that person is - Answer: Insurance producer, attorney, a trust officer of a bank, an actuary or CPA employed in a consulting capacity, a licensed public adjuster A person who knowingly violates insurance procedures is guilty of a - Answer: Class A misdemeanor Any person who misappropriates any funds collected while violating insurance re4gulations is guilty of a - Answer: Class 4 felony IL statutes and Regulations common to all lines In addition to or instead of any applicable denial, suspension, or revocation of a license may after a hearing be subject to a civil penalty of up to - Answer: $10,000 with a max of $100,000 a late charge of _ per month may be added to induce payment of premium - Answer: 1.5% A producer who misappropriates or illegally withholds $150 or less is guilty of a - Answer: Class A misdemeanor, and class 4 felony for frequent occurrences A producer who misappropriates or illegally withholds $150 or more is guilty of a - Answer: class 3 felony Books and records for each fiscal or calendar year must be maintained for at least - Answer: 7 yrs Return premium must be refunded within - Answer: 15 days Person or entity that violates misrepresentation provision is guilty of a business offense and will be subject to a penalty of - Answer: $200 and a maximum of $10,000 Violation of rebating is - Answer: Class B misdemeanor Defamation penalty - Answer: $200 min, $10,000 max IL statutes and Regulations common to all lines Insurers must pay a claim within - Answer: 30 calendar days Insurer must report a written explanation for delay of payment of a claim, if left unresolved for - Answer: 45 days Illinois Insurance Guaranty Fund - Answer: pays covered claims under certain policies in order to avoid financial loss to claimants, or policyholders
