Sec. 13. Annual statement.

141 words·~1 min read·/il/chapter-215/act-155/13

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Each title insurance company shall file with the Department during the month of March of each year, a statement under oath, of the condition of such company on the thirty-first day of December next preceding disclosing the assets, liabilities, earnings and expenses of the company. The report shall be in such form and shall contain such additional statements and information as to the affairs, business, and conditions of the company as the Secretary may from time to time prescribe or require.

(b)By June 1 of each year, a title insurance company must file with the Department a copy of its most recent audited financial statements.

(c)If determined to be necessary and appropriate by the Department, a title insurance company shall provide a summary describing its professional reinsurance placed outside of the title insurance industry.