Illinois § 132.6 Conflict of interest

Illinois Statutes

§ 132.6 — Conflict of interest

Illinois § 132.6

JurisdictionIllinois

TopicREGULATION

Ch. 215INSURANCE

Act 215 ILCS 5/Illinois Insurance Code.

Art.Article IX - Provisions Applicable To All Companies

This text of Illinois § 132.6 (Conflict of interest) 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. 132.6 (2026).

Text

(a)No examiner may be appointed by the Director if that examiner, either directly or indirectly, has a conflict of interest, is affiliated with the management of, or owns a pecuniary interest in any person subject to examination. This Section shall not be construed to automatically preclude an examiner from being:

(1)A policyholder or claimant under an insurance policy.

(2)A grantor of a mortgage or similar instrument on the examiner's residence to a regulated entity if done under customary terms and in the ordinary course of business.

(3)An investment owner in shares of regulated diversified investment companies.

(4)A settlor or beneficiary of a "blind trust" into which any otherwise impermissible holdings have been placed.

(b)Notwithstanding the provisions of this Section, the Dire

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(a) No examiner may be appointed by the Director if that examiner, either directly or indirectly, has a conflict of interest, is affiliated with the management of, or owns a pecuniary interest in any person subject to examination. This Section shall not be construed to automatically preclude an examiner from being: (1) A policyholder or claimant under an insurance policy. (2) A grantor of a mortgage or similar instrument on the examiner's residence to a regulated entity if done under customary terms and in the ordinary course of business. (3) An investment owner in shares of regulated diversified investment companies. (4) A settlor or beneficiary of a "blind trust" into which any otherwise impermissible holdings have been placed. (b) Notwithstanding the provisions of this Section, the Director may retain from time to time, on an individual basis, qualified actuaries, certified public accountants, or other similar individuals who are independently practicing their professions, even though those persons may from time to time be similarly employed or retained by persons subject to examination under this Code.