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Code · Illinois · Chapter 215 — INSURANCE · Act 5

Sec. 544. Powers of the Director.

99 words·~1 min read·/il/chapter-215/act-5/544

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Sec. 544. Powers of the Director. The Director shall either
(a)suspend or revoke, after notice and hearing pursuant to Sections 401, 402 and 403 of this Code, the certificate of authority to do business in this State of any member company which fails to pay an assessment when due or fails to comply with the plan of operation, or
(b)levy a fine on any member company which fails to pay an assessment when due. Such fine shall not exceed 5% per month of the unpaid assessment, except that no fine shall be less than $200 per month.
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