New application requirements for title insurance agent registrationJanuary 2014Illinois Law Update, Page 16Applicants for registration as title insurance agents will now have new requirements as part of their application. Whether the applicant is a person, firm, or other type of business organization, they must submit a signed and notarized affidavit affirming that the applicant, or any member, officer, or manager thereof, has never been convicted of or pled guilty to a felony, or a misdemeanor related to thievery or dishonesty.
New proof of death requirements for life insurance and annuity formsDecember 2013Illinois Law Update, Page 612To accommodate changes to the Illinois standard provisions for life insurance policies, 215 ILCS 5/224, the Illinois Department of Insurance changed two requirements for the construction and filing of life insurance and annuity forms. 50 Ill. Adm. Code 1405.
Electronic insurance cards now acceptedNovember 2013Illinois Law Update, Page 560The Illinois Vehicle Code has been amended to allow for the electronic display of insurance information for the proof of insurance that is required to be carried in the vehicle. 625 ILCS 5/7-602.
Court rejects assignment of claim against insolvent insurerJuly 2013Illinois Law Update, Page 336On April 16, 2013, the first district appellate court held that the insured of an insolvent insurer could not recover any proceeds from its insurance policies above the amount paid to an injured party in a settlement agreement.
Insurable interest in building remains after demolition contract is signedDecember 2012Illinois Law Update, Page 632On September 28, 2012, the first district appellate court held that an insured who owned and had entered into a demolition contract for a building, but had not yet begun to demolish the building, had an insurable interest in the building when it was damaged in a fire.
Three Title Insurance Traps for Real Estate LawyersBy Michael J. RooneyMarch 2012Article, Page 146Closing protection letters, the Form DS-1 disclosure, and key 2010 revisions to the Rules of Professional Conduct are potential pitfalls for real estate lawyers.
Implementing standard nonforfeiture law for life insuranceOctober 2011Illinois Law Update, Page 496The Illinois Department of Insurance recently adopted new rules for reasonable nonforfeiture benefits in the event a consumer decides to terminate certain life insurance policies as authorized by section 229.2 of the Illinois Insurance Code [215 ILCS 5/229.2].
Are you ready for health care reform?By Helen W. GunnarssonOctober 2010LawPulse, Page 502Important provisions of the Patient Protection and Affordable Care Act are kicking in, and lawyers - both as employers and counselors - need to take note.