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Illinois Statutes Chapter 215. Insurance § 5/245.23. Variable contract; issuance; Director's approval; subsidiaries

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 245.23. No company may deliver or issue for delivery within this State variable contracts unless it is authorized or organized to do a life, annuity, or accident and health insurance business in this State, and the Director is satisfied that its condition or method of operation in connection with the issuance of such contracts will not render its operation hazardous to the public or its policyholders in this State. In this connection, the Director may consider among other things:

(a) The history and financial condition of the company;

(b) The character, responsibility and fitness of the officers and directors of the company; and

(c) The law and regulation under which the company is authorized in its state of domicile to issue variable contracts. If the company is a subsidiary of an authorized insurance company, or affiliated with such a company through common management or ownership, it may be deemed by the Director to have met the requirements of this Section if either it or the parent or the affiliated company meets the requirements of this Section.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 215. Insurance § 5/245.23. Variable contract; issuance; Director's approval; subsidiaries - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-215-insurance/il-st-sect-215-5-245-23/

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