Insurance adjustor licensureApril 2015Illinois Law Update, Page 16To comply with Illinois Public Act 96-1332, the Department of Insurance ("DOI") has made three significant changes to the way insurance adjustors are licensed.
Licenses for travel insurance business entitiesApril 2015Illinois Law Update, Page 16Travel insurance business entities may now receive licenses from the Director of Insurance for an initial fee of $500 and an annual $500 renewal fee thereafter.
Medical malpractice insurance rules and rate filings reinstatedMarch 2015Illinois Law Update, Page 20On December 19, 2014, the Department of Insurance amended the Part titled Medical Liability Insurance Rules and Rate Filings to comply with a 2010 Illinois Supreme Court ruling. 50 Ill. Adm. Code 929 (eff. Dec. 19, 2014).
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].