Illinois Department of Insurance Requires Independent Third Party Background Investigation Reports

The Illinois Department of Insurance recently issued a bulletin requiring all companies to obtain independent third party background investigation/verification reports from nationally recognized vendors. The reports must be submitted with any required filing of biographical affidavits of officers and directors including in acquisitions. The vendor should submit the background investigation/verification reports directly to the Illinois Department of Insurance – Corporate Regulation Section. The list of NAIC approved vendors can be found at the following link: http://www.naic.org/documents/industry_ucaa_third_party.pdf

Companies licensed to do business in Illinois must notify the Illinois Department of Insurance within thirty days of the appointment or election of any new officers or directors and NAIC biographical affidavits must be submitted within that thirty day time frame.