Illinois Compiled Statutes 215 ILCS 5/179 – Payment of fees to officer or director prohibited
Current as of: 2024 | Check for updates
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(1) No director or officer of any company, party to a reinsurance agreement, except as fully expressed in the reinsurance agreement, shall receive any fee, commission, other compensation or valuable consideration whatever, directly or indirectly, for in any manner aiding, promoting or assisting in the negotiation of such reinsurance agreement.
(2) Any person violating the provisions of this section shall be guilty of a Class A misdemeanor.
(2) Any person violating the provisions of this section shall be guilty of a Class A misdemeanor.
Attorney's Note
Under the Illinois Statutes, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class A misdemeanor | up to 1 year | up to $2,500 |
