Sec. 1301. Purpose.
111 words·~1 min read·
/il/chapter-215/act-5/1301A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 1301. Purpose. The purpose of this Article is to protect the interests of Illinois insureds by:
(1)establishing minimum standards and procedures for the effectuation of mortgage insurance consolidations;
(2)establishing disclosure requirements specific to mortgage insurance consolidations and requiring insurers to make such disclosures on a timely basis;
(3)clarifying the applicability of the unfair rate discrimination provisions of this Code to consolidations involved in loan transfers so as to prevent premium increases for consumers resulting from mandatory premium recalculation;
(4)requiring that group mortgage life insurance certificates contain minimum standard provisions including conversion rights; and
(5)preventing the arbitrary termination of mortgage insurance coverage in connection with consolidations.