Exams / Illinois Property Insurance Producer License / 215 ILCS 157/40
215 ILCS 157/40 — what it says, and how the exam tests it
This section is cited by 4 of our practice questions and is tested on 3 exams including the Illinois Property Insurance Producer License.
The text
215 ILCS 157/40. Sec. 40. Filing. (a) Insurers that use insurance scores to underwrite and rate risks must file their scoring models (or other scoring processes) with the Department. A third party may file scoring models on behalf of insurers. A filing that includes insurance scoring may include loss experience justifying the use of credit information. (b) Any filing relating to credit information is considered to be a trade secret under the Illinois Trade Secrets Act. (Source: P.A. 93-114, eff. 10-1-03.)
Public record. Read the full, current section at the official source: www.ilga.gov
How it comes up on the exam
Practice questions written from this section — answers and explanations are in the drill.
- Under Illinois law, an insurer that uses insurance scores to underwrite and rate risks must file its scoring models with which entity?
drill Illinois Statutes and Regulations Pertinent to Personal Lines Insurance Only → - Under 215 ILCS 157/40, any filing relating to credit information is considered to be a trade secret under which Illinois law?
drill Illinois Statutes and Regulations Common to Property and Casualty Insurance → - Under the Use of Credit Information in Personal Insurance Act, an insurer's filing that includes insurance scoring models is considered to be what under Illinois law?
drill Illinois Statutes and Regulations Common to Property and Casualty Insurance →