Illinois Compiled Statutes 215 ILCS 5/141b – Third party access to files
Current as of: 2024 | Check for updates
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Any contract with a third party (“administrator”) to provide claim services for a property and casualty company must contain the following provisions:
(1) Upon liquidation or rehabilitation of the
(1) Upon liquidation or rehabilitation of the
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insurer, the files and any data related thereto become the sole property of the estate. The administrator shall have reasonable access and right to copy files at the administrator’s expense.
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(2) In the event electronic files are used, the
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administrator must keep all data in such a format that it is easily separated from other data maintained by the administrator and timely transferred to the liquidator upon the entry of an order or liquidation. “Timely transferred”, in this context, means the claim file data must be transferred to the liquidator within 10 days after the entry of an order of liquidation.
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The provisions of this Section shall apply to all contracts entered into after the effective date of this amendatory Act of the 100th General Assembly, and any existing contracts shall have one year to come into compliance with this Section.
Terms Used In Illinois Compiled Statutes 215 ILCS 5/141b
- Contract: A legal written agreement that becomes binding when signed.