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Illinois Insurance Industry - Governance, Risk and Compliance

Publisher GlobalData
Published Dec 19, 2024
Length 115 Pages
SKU # GBDT19677481

Description

Illinois Insurance Industry - Governance, Risk and Compliance

Summary

GlobalData’s ‘Illinois Insurance Industry - Governance, Risk and Compliance’ report is the result of extensive research into the insurance regulatory framework in Illinois.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report provides insights into the governance, risk, and compliance framework pertaining to the insurance industry in Illinois, including -
  • An overview of the insurance regulatory framework in Illinois.
  • The latest key changes, and changes expected in the country’s insurance regulatory framework.
  • Key regulations and market practices related to different types of insurance product in the country.
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the country.
  • Key parameters including licensing requirements permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
  • Details of the tax and legal systems in the country.
Key Highlights
  • The Illinoiser insurance industry is regulated by the Illinois Insurance Department.
  • Non-admitted insurance is not permitted in the Illinoiser insurance industry, with the some exceptions.
  • Foreign direct investment of up to 100% is permitted in the US insurance industry.
  • Insurance companies must be established in the form of stock insurance companies or mutual insurance companies.
  • Risk-Based Capital (RBC) Framework is the current solvency standard applicable in the state.
Scope
  • The report covers details of the insurance regulatory framework in Illinois.
  • The report contains details of the rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to Buy
  • Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
  • Gain insights into the insurance regulatory framework in Illinois.
  • Track the latest regulatory changes, and expected changes impacting the Illinoiser insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices pertaining to various types of insurance product.

Table of Contents

115 Pages
ILLINOIS
Legislation Overview
Supervision and Control
Legislation
Compulsory Insurance
Non-Admitted Insurance Regulations
Company Registration and Operation
License
Foreign Direct Investment / Ownership
Minimum Capital Requirements
Solvency Margins
Reserve Requirements
Statutory Return Requirements
Fee Structure
Taxation
Tax on Insurance Premium
Corporate Income Tax
Corporate Capital Gains Tax
Value Added Tax
Legal System
Policy Practice
About GlobalData
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List of Tables
Table 1: The US – Illinois – Collateral Requirements for Foreign Reinsurers
Table 2: The US – Illinois – Minimum capital requirements for Stock Insurers 2022 - Energy - Oil Rig
Table 3: The US – Illinois – Minimum capital requirements for Mutual insurers 2022 - Energy - Oil Rig
Table 4: The US – Illinois – Minimum capital requirements for Stock Insurers 2022 - Energy - Operational Energy
Table 5: The US – Illinois – Minimum capital requirements for Mutual insurers 2022 - Energy - Operational Energy
Table 6: The US – Illinois – Minimum capital requirements for Stock Insurers 2022 - Clinical Trials
Table 7: The US – Illinois – Minimum capital requirements for Mutual insurers 2022 - Clinical Trials
Table 8: The US – Illinois – Minimum capital requirements for Stock Insurers 2022 - Transit
Table 9: The US – Illinois – Minimum capital requirements for Mutual insurers 2022 - Transit
Table 10: The US – Illinois – Minimum capital requirements for Stock Insurers 2022 - Aviation
Table 11: The US – Illinois – Minimum capital requirements for Mutual insurers 2022 - Aviation
Table 12: The US – Illinois – Minimum capital requirements for Stock Insurers 2022 - Marine
Table 13: The US – Illinois – Minimum capital requirements for Mutual insurers 2022 - Marine
Table 14: The US – Illinois – Minimum capital requirements for Stock Insurers 2022 - Professional Risks
Table 15: The US – Illinois – Minimum capital requirements for Mutual insurers 2022 - Professional Risks
Table 16: The US – Illinois – Minimum capital requirements for Stock Insurers 2022 - Employers' Liability/workers compensation
Table 17: The US – Illinois – Minimum capital requirements for Mutual insurers 2022 - Employers' Liability/workers compensation
Table 18: The US – Illinois – Minimum capital requirements for Stock Insurers 2022 - Liability
Table 19: The US – Illinois – Minimum capital requirements for Mutual insurers 2022 - Liability
Table 20: The US – Illinois – Minimum capital requirements for Stock Insurers 2022 - Motor
Table 21: The US – Illinois – Minimum capital requirements for Mutual insurers 2022 - Motor
Table 22: The US – Illinois – Minimum capital requirements for Stock Insurers 2022 - Healthcare
Table 23: The US – Illinois – Minimum capital requirements for Mutual insurers 2022 - Healthcare
Table 24: The US – Illinois – Minimum capital requirements for Stock Insurers 2022 - Engineering
Table 25: The US – Illinois – Minimum capital requirements for Mutual insurers 2022 - Engineering
Table 26: The US – Illinois – Minimum capital requirements for Stock Insurers 2022 - Personal Accident
Table 27: The US – Illinois – Minimum capital requirements for Mutual insurers 2022 - Personal Accident
Table 28: The US – Illinois – Minimum capital requirements for Stock Insurers 2022 - Business Interruption
Table 29: The US – Illinois – Minimum capital requirements for Mutual insurers 2022 - Business Interruption
Table 30: The US – Illinois – Minimum capital requirements for Stock Insurers 2022 - Property
Table 31: The US – Illinois – Minimum capital requirements for Mutual insurers 2022 - Property
Table 32: The US – Illinois – Corporate Tax Rates for the Financial Year 2024
Table 33: The US – Illinois – TRIP Highlights - Engineering
Table 34: The US – Illinois – TRIP Highlights - Business Interruption
Table 35: The US – Illinois – TRIP Highlights - Property

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