Illinois Compiled Statutes
215 ILCS 5/244.1 (2026)
Whenever the financial condition of any company transacting the kinds of business authorized in Class 1 of Section 4, when reviewed in conjunction with the kinds and nature of risks insured, the loss experience and ownership of the company and the ratio of annual premium volume to the incurred acquisition expenses, indicates a condition such that the continued operation of the company might be hazardous to its policyholders, creditors or the general public, then the Director may, after notice and hearing, order the company to take such action as may be reasonably necessary to rectify the existing condition, including but not necessarily limited to one or more of the following steps: (a) to reduce the loss exposure by reinsurance; (b) to reduce the volume of new business being accepted; (c) to reduce general or acquisition expenses by specified methods; (d) to suspend the writing of new business for a period not to exceed 3 months; or (e) to increase the company's surplus by a contribution to surplus
✓ current as of May 2026
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(215 ILCS 5/244.1)
(from Ch. 73, par. 856.1)
Sec. 244.1.
Whenever the financial condition of any company transacting the kinds of
business authorized in Class 1 of Section 4, when reviewed in conjunction
with the kinds and nature of risks insured, the loss experience and
ownership of the company and the ratio of annual premium volume to the
incurred acquisition expenses, indicates a condition such that the
continued operation of the company might be hazardous to its policyholders,
creditors or the general public, then the Director may, after notice and
hearing, order the company to take such action as may be reasonably
necessary to rectify the existing condition, including but not necessarily
limited to one or more of the following steps:
(a) to reduce the loss exposure by reinsurance;
(b) to reduce the volume of new business being | accepted; |
(c) to reduce general or acquisition expenses by | specified methods; |
(d) to suspend the writing of new business for a | period not to exceed 3 months; or |
(e) to increase the company's surplus by a | contribution to surplus. |
(Source: P.A. 77-1514.)
Notes of Decisions
Cited in 2
cases, 1996–1996 · leading case: Am. Deposit Corp. v. Schacht, 84 F.3d 834 (7th Cir. 1996).
Am. Deposit Corp. v. Schacht, 84 F.3d 834 (7th Cir. 1996). “24a (regulation of company's investment); 215 ILCS 5/244 (limitations on company's expenses); 215 ILCS 5/244.1 (Commissioner action for financial conditions hazardous to policyholders).”
Am. Deposit Corp. v. Schacht, 84 F.3d 834 (7th Cir. 1996). “24a (regulation of company's investment); 215 ILCS 5/244 (limitations on company's expenses); 215 ILCS 5/244.1 (Commissioner action for financial conditions hazardous to policyholders) 6 Plaintiffs contend that this reference is to "annuity insurance," which they claim is…”
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