§752.10. License

a)         All advisory organizations conducting activities defined in Article VIIA and in the regulations issued to effect Article VIIA must apply to and be licensed by the Department of Insurance.

 

b)         Every application for a license must include:

 

1)         Copies certified by the custodian of the originals of the following:

 

A)        Constitution;

 

B)        The Articles of Incorporation;

 

C)        Articles of Agreement;

 

D)        Articles of Associations; and

 

E)        The by-laws, plan of operations, rules or regulations that govern eligibility for membership and the activities of members relative to their membership.

 

2)         A list of members and subscribers.

 

3)         The name and address of a resident of the State upon whom Notices or Orders of the Director or process may be served.

 

4)         A list of the officers and principal managers.

 

5)         A $50 fee payable to the Illinois Director of Insurance.

 

c)         Notification of substantive changes in subsections (b)(1), (3) and (4) must be made within 60 days after the change.  The list of members and subscribers should be submitted annually, but additions to or deletions from the list should be submitted monthly.

 

d)         Licenses must be renewed annually prior to January 1, but application for renewal need include only an update of existing documents and information previously submitted to the Department.

 

(Source:  Amended at 42 Ill. Reg. 20093, effective October 29, 2018)