Sec. 1715. Notice requirements.

368 words·~2 min read·/il/chapter-215/act-5/1715

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

(a)Whenever notice is required to be given by an applicant under this Article, except as otherwise permitted by a court or the Director, the applicant shall within 15 days after the event triggering the requirement transmit the notice:

(1)to the chief insurance regulator in each jurisdiction:

(A)in which the applicant holds or has ever held a certificate of authority; and

(B)in which policies that are part of the subject business were issued or

policyholders currently reside;

(2)to the National Conference of Insurance Guaranty Funds, the National Organization of

Life and Health Insurance Guaranty Associations, and all state insurance guaranty associations for the states:

(A)in which the applicant holds or has ever held a certificate of authority; and

(B)in which policies that are part of the subject business were issued or

policyholders currently reside;

(3)to reinsurers of the applicant pursuant to the notice provisions of the reinsurance

agreements applicable to the policies that are part of the subject business or, where an agreement has no provision for notice, by internationally recognized delivery service;

(4)to all policyholders holding policies that are part of the subject business at their

last known address as indicated by the records of the applicant or to the address to which premium notices or other policy documents are sent. A notice of transfer shall also be sent to the transferring insurer's agents or brokers of record on the subject business; and

(5)by publication in a newspaper of general circulation in the state in which the

applicant has its principal place of business and in such other publications that the Director requires.

(b)If notice is given in accordance with this Section, any orders under this Article shall be conclusive with respect to all intended recipients of the notice whether or not they receive actual notice.

(c)If this Article requires that the applicant provide notice but the Director has been named receiver of the applicant pursuant to Article XIII, the Director shall provide the required notice.

(d)Notice under this Section may take the form of first-class mail, facsimile, or electronic notice. The court may order that notice take a specific form.