| Contact Person: | Illinois Division of Insurance | 320 West Washington Street | ||
| Cindy Colonius | Review Requirements Checklist | Springfield, IL 62767-0001 | ||
| 217-782-4572 | ||||
| Cindy.Colonius@Illinois.gov |
Effective 1/01/08 |
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| Line(s) of | Filing | Line(s) of | Filing | |
| Business | Code(s) | Insurance | Code(s) | |
Assumption Certificate Guidelines |
AOI
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All life, accident and health products |
AOI.000
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| Illinois Insurance Code Link | Illinois Compiled Statutes Online | |||
| Illinois Administrative Code Link | Administrative Regulations Online | |||
| Product Coding Matrix | Product Coding Matrix | |||
| REVIEW REQUIREMENTS | REFERENCE |
DESCRIPTION OF REVIEWSTANDARDS REQUIREMENTS |
LOCATION OF STANDARD IN FILING |
| NOTE: These brief summaries do not include all requirements of all laws, regulations, bulletins, or requirements, so review actual law, regulation, bulletin, or requirement for details to ensure that forms are fully compliant before filing with the Department of Insurance. | |||
| FORM FILING REQUIREMENTS | REFERENCE | DESCRIPTION OF REVIEW STANDARDS REQUIREMENTS | LOCATION OF STANDARD IN FILING |
| Uniform Transmittal Document (Etrans) | 50 IL Adm. Code 916 | Form filings must now be submitted either by SERFF or CD-ROM. Please visit
the Division's web site for the Universal Transmittal Document (Etrans)
by clicking this link. Scroll down to "Universal Transmittal Document Software (Etrans)" |
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| Review Requirements Checklist | Go to Review Requirements Checklists on DOI web site. See next column | Each filing must include a completed Review Requirements Checklist that must contain a completed “Location of Standard in Filing” column for each required element of the filing. Please indicate the proper page # and form # for each entry. The checklists may be found at this link. |
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| Cover Letter and Letter of Submission | 50 IL Adm. Code 1405.20 (e) |
In addition to referencing any previously approved form number(s) as required by 50 IL Adm. Code 1405.20(e), those references must also include the filing number and SERFF tracking number (if applicable and available) for the referenced forms. Letters of submission must generally describe the intent and use of the form being filed and, if applicable, how it will be used with any previously approved form(s). |
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| Policy Form/Filing Numbers | 50 IL Adm. Code 916 | A complete and correct listing of the policy form and filing numbers being assumed must appear on the Assumption Certificate Transmittal Form. | |
| COMPANY REQUIREMENTS | |||
| Financial Requirements | Article XI of the Insurance Code | Assumption Certificates cannot be approved until the Financial/Corporate Unit has finalized the assumption/reinsurance transaction. | |
| Insured Consent | 215 ILCS 5/173.3 | The assumption certificate must include consent language as required by 215 ILCS 5/173.3 such as, "The insureds have given their consent to this transaction by either paying the premium, or notifying the assuming or ceding insurer, in writing, within ten (10) days from the date of mailing the assumption certificate, notice of rejection." |