Illinois Compiled Statutes 215 ILCS 5/424 – Unfair methods of competition and unfair or deceptive acts or practices defined
Current as of: 2024 | Check for updates
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The following are hereby defined as unfair methods of competition and unfair and deceptive acts or practices in the business of insurance:
(1) The commission by any person of any one or more
(1) The commission by any person of any one or more
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of the acts defined or prohibited by Sections 134, 143.24c, 147, 148, 149, 151, 155.22, 155.22a, 155.42, 236, 237, 364, 469, and 513b1 of this Code.
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(2) Entering into any agreement to commit, or by any
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concerted action committing, any act of boycott, coercion or intimidation resulting in or tending to result in unreasonable restraint of, or monopoly in, the business of insurance.
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(3) Making or permitting, in the case of insurance of
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the types enumerated in Classes 1, 2, and 3 of Section 4, any unfair discrimination between individuals or risks of the same class or of essentially the same hazard and expense element because of the race, color, religion, or national origin of such insurance risks or applicants. The application of this Article to the types of insurance enumerated in Class 1 of Section 4 shall in no way limit, reduce, or impair the protections and remedies already provided for by Sections 236 and 364 of this Code or any other provision of this Code.
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(4) Engaging in any of the acts or practices defined
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in or prohibited by Sections 154.5 through 154.8 of this Code.
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(5) Making or charging any rate for insurance against
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losses arising from the use or ownership of a motor vehicle which requires a higher premium of any person by reason of his physical disability, race, color, religion, or national origin.
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(6) Failing to meet any requirement of the Unclaimed
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Life Insurance Benefits Act with such frequency as to constitute a general business practice.
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Terms Used In Illinois Compiled Statutes 215 ILCS 5/424
- Person: shall mean any individual, partnership, association, corporation, society, order, firm, company, aggregation of individuals, reciprocal exchange, inter-insurer, Lloyds insurer, fraternal benefit society, and any other legal entity to which any article of this Code is applicable, or which is subject to examination, visitation or supervision by the Director under any provision of this Code or under any law of this State, or which is engaged or engaging in or proposing or attempting to engage in or is representing that it is doing an insurance or surety business in this State, or which is in process of organization for the purpose of doing such business, including agents, brokers, adjusters and solicitors. See Illinois Compiled Statutes 215 ILCS 5/422