ILCS » Chapter 215 · Act 5
Illinois Compiled Statutes

215 ILCS 5/187 (2026)

Scope of Article

✓ current as of May 2026
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(215 ILCS 5/187) (from Ch. 73, par. 799)
    Sec. 187. Scope of Article.
    (1) This Article shall apply to every corporation, association, society, order, firm, company, partnership, individual, and aggregation of individuals to which any Article of this Code is applicable, or which is subject to examination, visitation or supervision by the Director under any provision of this Code or under any law of this State, or which is engaging in or proposing or attempting to engage in or is representing that it is doing an insurance or surety business, or is undertaking or proposing or attempting to undertake to provide or arrange for health care services as a health care plan as defined in subsection (7) of Section 1-2 of the Health Maintenance Organization Act, including the exchanging of reciprocal or inter-insurance contracts between individuals, partnerships and corporations in this State, or which is in the process of organization for the purpose of doing or attempting or intending to do such business, anything as to any such corporation, association, society, order, firm, company, partnership, individual or aggregation of individuals provided in this Code or elsewhere in the laws of this State to the contrary notwithstanding.
    (2) The word "company" as used in this Article includes all of the corporations, associations, societies, orders, firms, companies, partnerships, and individuals specified in subsections (1), (4), and (5) of this Section and agents, managing general agents, brokers, premium finance companies, insurance holding companies, and all other non-risk bearing entities or persons engaged in any aspect of the business of insurance on behalf of an insurer against which a receivership proceeding has been or is being filed under this Article, including, but not limited to, entities or persons that provide management, administrative, accounting, data processing, marketing, underwriting, claims handling, or any other similar services to that insurer, whether or not those entities are licensed to engage in the business of insurance in Illinois, if the entity or person is an affiliate of that insurer.
    (3) The word "court" shall mean the court before which the conservation, rehabilitation, or liquidation proceeding of the company is pending, or the judge presiding in such proceedings.
    (4) The word "affiliate" as used in this Article means a person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, the person specified.
    (5) The word "person" as used in this Article means an individual, an aggregation of individuals, a partnership, or a corporation.
    (6) The word "assets" as used in this Article includes all deposits and funds of a special or trust nature.
    (7) The words "receivership proceedings" mean any conservation, rehabilitation, liquidation, or ancillary receivership.
    (8) "Netting agreement", as used in this Article, means (a) a contract or agreement (including terms and conditions incorporated by reference therein), including a master agreement (which master agreement, together with all schedules, confirmations, definitions, and addenda thereto and transactions under any thereof, shall be treated as one netting agreement), that documents one or more transactions between the parties to the agreement for or involving one or more qualified financial contracts and that provides for the netting, liquidation, setoff, termination, acceleration, or close out under or in connection with one or more qualified financial contracts or present or future payment or delivery obligations or payment or delivery entitlements thereunder (including liquidation or close-out values relating to such obligations or entitlements) among the parties to the netting agreement; (b) any master agreement or bridge agreement for one or more master agreements described in paragraph (a) of this subsection (8); or (c) any security agreement or arrangement or other credit enhancement or guarantee or reimbursement obligation related to any contract or agreement described in paragraph (a) or (b) of this subsection (8); provided that any contract or agreement described in paragraphs (a) or (b) of this subsection (8) relating to agreements or transactions that are not qualified financial contracts shall be deemed to be a netting agreement only with respect to those agreements or transactions that are qualified financial contracts.
    (9) "Qualified financial contract" means any commodity contract, forward contract, repurchase agreement, securities contract, swap agreement, or any similar agreement that the Director determines by regulation, resolution, or order to be a qualified financial contract for the purposes of this Act.
        (a) "Commodity contract" means:
            (1) a contract for the purchase or sale of a
        
commodity for future delivery on, or subject to the rules of, a board of trade or contract market under the federal Commodity Exchange Act or a board of trade outside the United States;
            (2) an agreement that is subject to regulation
        
under Section 19 of the federal Commodity Exchange Act and that is commonly known to the commodities trade as a margin account, margin contract, leverage account, or leverage contract;
            (3) an agreement or transaction that is subject
        
to regulation under Section 4c(b) of the federal Commodity Exchange Act and that is commonly known to the commodities trade as a commodity option;
            (4) any combination of the agreements or
        
transactions referred to in this paragraph (a); or
            (5) any option to enter into an agreement or
        
transaction referred to in this paragraph (a).
        (b) "Forward contract", "repurchase agreement",
    
"securities contract", and "swap agreement" shall have the meanings set forth in the Federal Deposit Insurance Act, 12 U.S.C. § 1821(e)(8)(D), as amended from time to time.
(Source: P.A. 96-1450, eff. 8-20-10.)

    
Notes of Decisions
Cited in 24 cases (2 in the last 5 years), 1995–2025 · leading case: Westcon/Dillingham Microtunneling v. Walsh Constr. Co., 747 N.E.2d 410 (Ill. App. Ct. 2001).
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Westcon/Dillingham Microtunneling v. Walsh Constr. Co., 747 N.E.2d 410 (Ill. App. Ct. 2001). · cites it 2× “Westcon argues that the trial court ignored the plain language of section 23 and instead relied on its "own notions of equity" in releasing funds to Glenbrook.”
Lincoln Towers Ins. Agency, Inc. v. Boozell, 684 N.E.2d 900 (Ill. App. Ct. 1997). · cites it 2× “We next examine whether the trial court correctly determined that the producers were entitled to set off their commissions against funds held in the premium fund trust accounts.”
Liquidation of Pine Top Ins. v. Shapo, 749 N.E.2d 1011 (Ill. App. Ct. 2001). · cites it 2× “799 through 833 (now 215 ILCS 5/187 through 221 (West 1998))).”
Clark v. Cannon Steel Erection Co., 835 N.E.2d 394 (Ill. App. Ct. 2005). · cites it 2× “99 CH 6024 were entered pursuant to the provisions of article XIII of the Illinois Insurance Code (Code) (215 ILCS 5/187 et seq. (West 2004)). Prior to the orders of rehabilitation and liquidation, BYRMA filed a breach of contract suit against defendant in the instant case on…”
Boozell v. Est. of Pine Top Ins., 686 N.E.2d 657 (Ill. App. Ct. 1997). · cites it 2× “JUSTICE RAKOWSKI delivered the opinion of the court: This suit involves the liquidation of Pine Top Insurance Company (Pine Top) under the Illinois Insurance Code (215 ILCS 5/187 et seq. (West 1994)). The Director of Insurance (Director) as statutory liquidator (liquidator)…”
Catalina Holdings (Bermuda) Ltd. v. Hammer, 378 F. Supp. 3d 687 (E.D. Ill. 2019). “See 215 ILCS 5/187 et seq. Neither party disputes this.”
In Re Auto. Professionals, Inc., 370 B.R. 161 (Bankr. N.D. Ill. 2007). “” 215 ILCS 5/187(1). Section 188 then sets forth the grounds for rehabilitation, several of which might apply to API.”
In Re Coronet Ins. Co., 698 N.E.2d 598 (Ill. App. Ct. 1998). “Indeed, according to plaintiff, intervenor and amicus curiae, elevation of DKA from seventh-priority general creditor to first-priority administrative claimant, served only to increase the possibility that more deserving claimants will receive less upon liquidation.”
CNA Cas. of California v. E.C. Fackler, Inc., 836 N.E.2d 732 (Ill. App. Ct. 2005). “215 ILCS 5/187 et seq. (West 2002). In response, the Director contends the liquidations of the pools are not “governmental interventions.”
People Ex Rel. Hammer v. Lumbermens Mut. Cas. Co. (In Re Liquidation of Lumbermens Mut. Cas. Co.), 2018 IL App (1st) 170996 (Ill. App. Ct. 2018). · cites it 2× “¶ 14 The disposition of this appeal hinges on our construction of articles XIII and XIII½ of the Code, as well as article 1 of the California Insurance Code.”
Dowling v. U.S. Dep't of Health & Human Servs., 325 F. Supp. 3d 884 (E.D. Ill. 2018). “In particular, the state law at issue here is Title XIII of the Illinois Insurance Code, 215 ILCS 5/187, et seq. , which grants broad power to the Illinois Director of Insurance to, among other things, rehabilitate and liquidate domestic insurance companies that are insolvent,…”
Elsbury v. Stann & Assocs., 861 N.E.2d 1031 (Ill. App. Ct. 2006). “The Treasurer asserts that plaintiff was not eligible to recover from the Insolvency Fund because he failed to follow the procedure set forth in Article XIII of the Illinois Insurance Code (215 ILCS 5/187 et seq. (West 2004)) (the Insurance Code).”
Show all 24 citing cases →
— 215 ILCS 5/187(1) — 1 case
In Re Auto. Professionals, Inc., 370 B.R. 161 (Bankr. N.D. Ill. 2007). “” 215 ILCS 5/187(1). Section 188 then sets forth the grounds for rehabilitation, several of which might apply to API.”
— 215 ILCS 5/187(6) — 1 case
People Ex Rel. Hammer v. Lumbermens Mut. Cas. Co. (In Re Liquidation of Lumbermens Mut. Cas. Co.), 2018 IL App (1st) 170996 (Ill. App. Ct. 2018). “¶ 14 The disposition of this appeal hinges on our construction of articles XIII and XIII½ of the Code, as well as article 1 of the California Insurance Code.”
— 215 ILCS 5/187(7) — 1 case
In re Conservation of NextLevel Health Partners, 2025 IL App (1st) 230803 (Ill. App. Ct. 2025).
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