Exams / Illinois Property Insurance Producer License / 215 ILCS 5/525.3
215 ILCS 5/525.3 — what it says, and how the exam tests it
This section is cited by 3 of our practice questions and is tested on 3 exams including the Illinois Property Insurance Producer License.
The text
215 ILCS 5/525.3. (from Ch. 73, par. 1065.72-3) Sec. 525.3. Approval of Rates. In the event that the Industry Placement Facility proposes to issue policies of insurance or endorsements thereto pursuant to subsection (1) of Section 525.1, the Facility shall file for approval with the Director the proposed rates and supplemental rate information to be used in connection with the issuance of such policies or endorsements. Within 60 days of the filing of the proposed rates, the Director shall enter an order either approving or disapproving, in whole or in part, the rate plan filed. The Director may, upon notice to the Industry Placement Facility, extend the period for entering an order under this Section an additional 30 days. No such policies or endorsements shall be issued until such time as the Director approves the rates to be applied to the policy or endorsement. An order disapproving a rate shall state the grounds for the disapproval and the findings in support thereof. (Source: P.A. 81-1426.)
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 Section 525.3, how many days does the Director have to enter an order approving or disapproving the proposed rates filed by the Industry Placement Facility?
drill Illinois Statutes and Regulations Common to Property and Casualty Insurance → - Under Section 525.3, by how many additional days may the Director extend the period for entering an order on the Industry Placement Facility's rate filing?
drill Illinois Statutes and Regulations Common to Property and Casualty Insurance → - Under Section 525.3, the Director must enter an order approving or disapproving a rate plan filed by the Industry Placement Facility within what initial time period?
drill Illinois Statutes and Regulations Common to Property and Casualty Insurance →