IL SB2817

Adds Section 131.4a requiring persons with controlling interest in domestic insurance companies to obtain prior written approval from the Director before divesting, transferring, or disposing of company securities.

Approval requests must include copies of applicable agreements and detailed transaction descriptions sufficient for the Director to determine compliance with standards in Section 131.8.

Allows the Director to grant exemptions from approval requirements where the acquiring party has filed required statements under Section 131.5 or the transaction qualifies for exemption under Section 131.10.

Permits denied applicants to request a hearing under Section 131.8 procedures, treating divestiture requests as equivalent to acquisition statements for hearing purposes.

Amends Section 131.11 to make failure to file required materials under new Section 131.4a a violation of Illinois Insurance Code Sections 131.4 through 131.12.