Illinois Statues

the ______ is charged with the rights, powers, and duties necessary to enforce and execute the insurance laws of the state of Illinois

the director of insurance has the power to do all of the following except:

• make reasonable rules and regulations

• conduct investigations, examinations and hearings

• request the attorney general to proceed in the courts to enforce the insurance law

• request records

• Set premium rates for all insurance policies

when it appears to the director that a person or company is conducting business that violates Illinois insurance law or endangers policyholders, companies or the general public, he may issue, WITHOUT NOTICE, a _________

• Cease and desist order

• summary suspension

• Consent decree

• Temporary restraining order

when a cease and desist order is issued, the Director of insurance will:

• Immediately revoke the insurance license of the individual or company involved.

• Schedule a hearing to be held within 20 to 30 days after the order is issued and take action if the violations are found to be true

• Impose a fine on the individual or company without a hearing.

• Require the individual or company to submit a corrective action plan within 10 days

If the violators do not comply with the cease and desist order they could be subject to a fine up to _______

• $1,000 per day, with a maximum of $10,000

• $50 per day, with a maximum of $2,500

• $100 per day, with a maximum of $5,000

• $200 per day, with a maximum of $15,000

To determine the insurer's financial condition and business practices, the director of insurance can investigate insurers, individuals involved in forming a company, those managing or controlling a company, licensed producers or firms, business adjusters, and anyone with information related to company operation to determine financial condition and business practices.

• True

• False

the director or any of her examiners can conduct a financial examination of any company as often as the director deems appropriate but, at a minimum conduct a financial examination not less than once every ____ years

• two

• three

• four

• five

the cost of an examination will be covered by the company being examined. If a hearing is required, the company will be given __ days advanced notice in writing. Anyone who refuses or fails to submit to an examination will be penalized up to $______

• 10; $1000

• 30; $1000

• 10; $2000

• 30; $2000

Once the examination is complete, a written report of the findings may be submitted with the following information: facts that were obtained, sworn testimony, and ...

if a report is made, it shall be delivered to the person being examined, the examinee has __ days to request a hearing.

• 10

• 12

• 14

• 16