Illinois § 179 Payment of fees to officer or director prohibited

Illinois Statutes

§ 179 — Payment of fees to officer or director prohibited

Illinois·Topic REGULATION·Ch. 215 INSURANCE·Act 215 ILCS 5/ Illinois Insurance Code.·Art. Article XI - Reinsurance

(1)No director or officer of any company, party to a reinsurance agreement, except as fully expressed in the reinsurance agreement, shall receive any fee, commission, other compensation or valuable consideration whatever, directly or indirectly, for in any manner aiding, promoting or assisting in the negotiation of such reinsurance agreement.

(2)Any person violating the provisions of this section shall be guilty of a Class A misdemeanor.

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(1) No director or officer of any company, party to a reinsurance agreement, except as fully expressed in the reinsurance agreement, shall receive any fee, commission, other compensation or valuable consideration whatever, directly or indirectly, for in any manner aiding, promoting or assisting in the negotiation of such reinsurance agreement. (2) Any person violating the provisions of this section shall be guilty of a Class A misdemeanor.

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