Illinois § 179 Payment of fees to officer or director prohibited

Illinois Statutes

§ 179 — Payment of fees to officer or director prohibited

Illinois § 179

JurisdictionIllinois

TopicREGULATION

Ch. 215INSURANCE

Act 215 ILCS 5/Illinois Insurance Code.

Art.Article XI - Reinsurance

This text of Illinois § 179 (Payment of fees to officer or director prohibited) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

215 Ill. Comp. Stat. 179 (2026).

Text

(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.