Illinois Compiled Statutes 215 ILCS 5/121-19 – Fine for unauthorized insurance
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Terms Used In Illinois Compiled Statutes 215 ILCS 5/121-19
- insurer: as used in this Article includes all corporations, associations, partnerships and individuals, engaged as principals in the business of insurance and also includes interinsurance exchanges and mutual benefit societies. See Illinois Compiled Statutes 215 ILCS 5/121-3
Any unauthorized insurer who transacts any unauthorized act of an insurance business as set forth in this Act is guilty of a business offense and may be fined not more than $20,000.