Illinois Compiled Statutes 215 ILCS 5/1020 – Penalties
Current as of: 2024 | Check for updates
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(A) In any case where a hearing pursuant to Section 1016 results in the finding of a knowing violation of this Article, the Director may, in addition to the issuance of a cease and desist order as prescribed in Section 1018, order payment of a monetary penalty of not more than $1,000 for each violation but not to exceed $20,000 in the aggregate for multiple violations.
(B) Any person who violates a cease and desist order of the Director under Section 1018 of this Article may, after notice and hearing and upon order of the Director, be subject to one or more of the following penalties, at the discretion of the Director:
(1) a monetary fine of not more than $20,000 for each
(B) Any person who violates a cease and desist order of the Director under Section 1018 of this Article may, after notice and hearing and upon order of the Director, be subject to one or more of the following penalties, at the discretion of the Director:
Terms Used In Illinois Compiled Statutes 215 ILCS 5/1020
- Agent: means an individual, firm, partnership, association or corporation who is involved in the solicitation, negotiation or binding of coverages for or on applications or policies of insurance, covering property or risks located in this State. See Illinois Compiled Statutes 215 ILCS 5/1003
- Director: means the Director of Insurance. See Illinois Compiled Statutes 215 ILCS 5/1003
- Person: means any natural person, corporation, association, partnership or other legal entity. See Illinois Compiled Statutes 215 ILCS 5/1003
(1) a monetary fine of not more than $20,000 for each
violation,
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(2) a monetary fine of not more than $100,000 if the
Director finds that violations have occurred with such frequency as to constitute a general business practice, or
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(3) suspension or revocation of an insurance
institution’s or agent‘s license.
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