Ill. Admin. Code tit. 50 § 2021.40

Current through Register Vol. 48, No. 49, December 6, 2024

Section 2021.40 - Filing and Disclosure Requirements

a) Policies filed pursuant to Section 352(c) of the Code must be accompanied by a statement that the policy does not need to provide State required coverages or services pursuant to this Section for nonresident certificateholders who are not employed in this State and:

1) File informationally, pursuant to 50 Ill. Adm. Code 916.40, a letter specifically listing each state in which certificates will be issued.

2) If certificates are issued in states not identified in subsection (a)(1), insurers must notify the Division in writing within 30 days after issuing the certificate.

3) The letter must state and certify that the certificateholders are being provided the coverages or services that meet Illinois requirements or the applicable requirements of the state in which the certificates will be issued.

b) Disclosure Requirements

Each certificate issued to a covered person must clearly state that at a minimum the certificateholder is receiving coverages or services as required by applicable Illinois law or the applicable law of the state in which the certificates will be issued.

c) Certificates for which a company requests a formal approval by the Director for use in another state must be filed for approval, must meet the requirements of subsections (a) and (b), and will only be approved by the Director for use in those

specific states.

Ill. Admin. Code tit. 50, § 2021.40