Ill. Admin. Code tit. 50, § 752.40 - Examinations

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

a) Every advisory organization and its members, subscribers and service purchasers; and every formal group, association or organization of admitted companies engaging in joint underwriting and joint reinsurance and their member companies shall maintain reasonable records, of the type and kind reasonably adopted to its method of operation, of its experience, or the experience of its members and of the data, statistics, or information collected or used by it in connection with the activities authorized by the laws and regulations under Article VII-A so that such records will be available at all reasonable times to enable the Director to determine if these entities are complying with the provisions of Article VII-A and Part 751 Rules.
b) The maintenance of these records in the offices of the advisory organization will be sufficient compliance for members, subscribers and service purchasers.
c) These records must be made available for examination or inspection by the Director at any time upon reasonable notice.
d) To assist the Director in gathering information, the Director may designate one or more advisory organizations to gather, compile and file information. This information may be made available, subject to rules adopted by the Director, to companies, advisory organizations, and others.
e) The examination, hearing, violation, suspense or revocation, and penalty provisions of Article VII-A which include Sections 123A-12, 123A-13, 123A-14, and 123A-15 apply to companies as constituting groups, associations or organizations authorized to conduct joint underwriting and joint reinsurance activities and to the formal groups, associations, or organizations themselves.

Notes

Ill. Admin. Code tit. 50, § 752.40

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