Illinois Code § 245.23
Illinois Code § 245.23. Reproduced from the official Illinois Compiled Statutes, with a citation summary, verification link, and related provisions.
§ 245.23.
No company may deliver or issue for delivery within this State variable contracts unless it is authorized or organized to do a life, annuity, or accident and health insurance business in this State, and the Director is satisfied that its condition or method of operation in connection with the issuance of such contracts will not render its operation hazardous to the public or its policyholders in this State. In this connection, the Director may consider among other things: (a) The history and financial condition of the company; (b) The character, responsibility and fitness of the officers and directors of the company; and (c) The law and regulation under which the company is authorized in its state of domicile to issue variable contracts. If the company is a subsidiary of an authorized insurance company, or affiliated with such a company through common management or ownership, it may be deemed by the Director to have met the requirements of this Section if either it or the parent or the affiliated company meets the requirements of this Section. (Source: P.A. 90-381, eff. 8-14-97.)
Source: official Illinois text · Last verified 2026-08-27
At a glance
- Citation: Illinois Compiled Statutes § 245.23
- Jurisdiction: Illinois
- Code: Illinois Compiled Statutes
- Text: transcribed from the official source (verify below)
Verify the text
Statute text is transcribed from the official Illinois Compiled Statutes. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Illinois attorney.
Common questions
What is the source of Illinois Compiled Statutes § 245.23?
The text above is transcribed from the Illinois Compiled Statutes, the codified statutes of Illinois. The official publisher link appears under "Verify the text" on this page.
What subject does Illinois Compiled Statutes § 245.23 address?
It addresses the rule set out in the section text. Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
Is Illinois Compiled Statutes § 245.23 still in force?
Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Illinois source before relying on this text.
Can this page be used as legal advice?
No. This is a reference transcription for research. Applying Illinois law to your facts requires a licensed Illinois attorney who can review the specifics.