§ 123A-5

Illinois § 123A-5

• Jurisdiction: Illinois
• Topic: REGULATION
• Ch. 215: INSURANCE
• Act 215 ILCS 5/: Illinois Insurance Code.
• Art.: Article VIIA - Advisory Organizations

Text

(Section scheduled to be repealed on January 1, 2027) Sec. 123A-5. Issuance of License. (1) The Director shall examine each application for license as an advisory organization and the supporting documents and data filed with it and may make a further investigation of the applicant and its officers, its affairs, and its proposed plan of operation. (2) The Director shall issue the license applied for within 45 days from the date the application is properly submitted to him if he is satisfied (a) that the applicant, its officers, its affairs and its proposed plan of operation conform to this Article; (b) that the business reputation of the applicant is good and that the business reputation and character of its officers is good; and (c) that the rules required under Section 123A-7 are reasonable and conform with this Article. (3) The Director shall notify in writing the applicant of his decision to deny the application and submit the reasons for the denial. The applicant has 10 days from the date he receives the Director's denial to request a hearing which shall be held within 20 days of the date of the request. (4) Any advisory organization conducting activities in this State for a period of at least 90 days prior to the effective date of this Article is authorized to continue to conduct its activities in this State without the required license for 90 days from the effective date of this Article if the activities comply with this Article.

Legislative History

(Source: P.A. 77-1882 .)