§652.20. Definitions

Terms found in this Part, other than those defined in this Section, are used as defined in Section 131.1 of the Insurance Code [215 ILCS 5/131.1].

 

"Code" means the Illinois Insurance Code [215 ILCS 5].

 

"Controlling person" means any person, firm, association, or corporation that directly or indirectly has the power to direct or cause to be directed the management, control, or activities of an insurer.

 

"Department" means the Illinois Department of Insurance.

 

"Director" means the Director of the Illinois Department of Insurance.

 

"Executive officer" means any individual charged with active management and control in a senior executive capacity as described by the company's by-laws (including a president, senior vice president, treasurer, secretary, controller, and any other individual regardless of title performing functions the same as those performed by the foregoing officers).

 

"Foreign insurer" shall include an alien insurer except where clearly noted otherwise.

 

"Lead state commissioner" is the director or commissioner of a state department of insurance designated as the lead state as described in 215 ILCS 5/131.14b(a).

 

"Ultimate controlling person" means any controlling person within an insurance holding company system who is not controlled by any other person.

 

(Source:  Amended at 46 Ill. Reg. 10863, effective July 1, 2022)