Illinois Department of Insurance Proposes Repeal of Reinsurance Ceded Contracts Regulation

The Illinois Department of Insurance has issued a Notice of Proposed Repealer of the Reinsurance Ceded Contracts regulation (50 Ill. Adm. Code Part 1101). The regulation requires all insurance companies to submit a certified copy of a reinsurance ceded contract upon written request of the Director of Insurance. According to the Department this is a duplicative regulation and should be repealed in its entirety. If a company document needs to be reviewed, Illinois Insurance Code Sections 132.4(b) and 131.21(1.5) require companies to provide records as requested by the Director. Persons who wish to comment on this proposed repealer may submit written comments no later than June 26, 2017.