Illinois § 1301 Purpose

Illinois Statutes

§ 1301 — Purpose

Illinois § 1301

JurisdictionIllinois

TopicREGULATION

Ch. 215INSURANCE

Act 215 ILCS 5/Illinois Insurance Code.

Art.Article XLIII - Mortgage Insurance Consolidation

This text of Illinois § 1301 (Purpose) 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. 1301 (2026).

Text

The purpose of this Article is to protect the interests of Illinois insureds by:

(1)establishing minimum standards and procedures for the effectuation of mortgage insurance consolidations;

(2)establishing disclosure requirements specific to mortgage insurance consolidations and requiring insurers to make such disclosures on a timely basis;

(3)clarifying the applicability of the unfair rate discrimination provisions of this Code to consolidations involved in loan transfers so as to prevent premium increases for consumers resulting from mandatory premium recalculation;

(4)requiring that group mortgage life insurance certificates contain minimum standard provisions including conversion rights; and (5) preventing the arbitrary termination of mortgage insurance coverage in connection with c

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The purpose of this Article is to protect the interests of Illinois insureds by: (1) establishing minimum standards and procedures for the effectuation of mortgage insurance consolidations; (2) establishing disclosure requirements specific to mortgage insurance consolidations and requiring insurers to make such disclosures on a timely basis; (3) clarifying the applicability of the unfair rate discrimination provisions of this Code to consolidations involved in loan transfers so as to prevent premium increases for consumers resulting from mandatory premium recalculation; (4) requiring that group mortgage life insurance certificates contain minimum standard provisions including conversion rights; and (5) preventing the arbitrary termination of mortgage insurance coverage in connection with consolidations.