Illinois Compiled Statutes 215 ILCS 5/123A-5 – Issuance of License
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(1) The Director shall examine each application for license as an advisory organization and the supporting documents and data filed with it and may make a further investigation of the applicant and its officers, its affairs, and its proposed plan of operation.
(2) The Director shall issue the license applied for within 45 days from the date the application is properly submitted to him if he is satisfied
(a) that the applicant, its officers, its affairs and
(2) The Director shall issue the license applied for within 45 days from the date the application is properly submitted to him if he is satisfied
Terms Used In Illinois Compiled Statutes 215 ILCS 5/123A-5
- Advisory Organization: means every person, other than an insurance company who as its primary functions (i) compiles insurance statistics, or (ii) prepares insurance policies, bond forms, and underwriting rules, and (iii) furnishes that which it compiles and prepares to insurance companies who are its only members and subscribers. See Illinois Compiled Statutes 215 ILCS 5/123A-2
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(a) that the applicant, its officers, its affairs and
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its proposed plan of operation conform to this Article;
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(b) that the business reputation of the applicant is
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good and that the business reputation and character of its officers is good; and
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(c) that the rules required under Section 123A-7 are
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reasonable and conform with this Article.
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(3) The Director shall notify in writing the applicant of his decision to deny the application and submit the reasons for the denial. The applicant has 10 days from the date he receives the Director’s denial to request a hearing which shall be held within 20 days of the date of the request.
(4) Any advisory organization conducting activities in this State for a period of at least 90 days prior to the effective date of this Article is authorized to continue to conduct its activities in this State without the required license for 90 days from the effective date of this Article if the activities comply with this Article.
(4) Any advisory organization conducting activities in this State for a period of at least 90 days prior to the effective date of this Article is authorized to continue to conduct its activities in this State without the required license for 90 days from the effective date of this Article if the activities comply with this Article.