Ill. Admin. Code tit. 50, § 652.20 - Definitions

Current through Register Vol. 46, No. 15, April 8, 2022

Terms found in this Part, other than those defined in this Section, are used as defined in Section 131.1 of the Insurance Code [ 215 ILCS 5/131.1 ].

"Code" means the Illinois Insurance Code [ 215 ILCS 5 ].

"Department" means the Illinois Department of Insurance.

"Director" means the Director of the Illinois Department of Insurance.

"Executive officer" means any individual charged with active management and control in a senior executive capacity as described by the company's by-laws (including a president, senior vice president, treasurer, secretary, controller, and any other individual regardless of title performing functions the same as those performed by the foregoing officers).

"Foreign insurer" shall include an alien insurer except where clearly noted otherwise.

"Ultimate controlling person" means any controlling person within an insurance holding company system who is not controlled by any other person.

Notes

Ill. Admin. Code tit. 50, § 652.20
Recodified from 852.20 at 41 Ill. Reg. 142. Amended at 41 Ill. Reg. 13640, effective 10/27/2017

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