Public Accountability Report Public Accountability Report

2021 Division of Insurance: Financial/Corporate Division
Mission Statement To protect consumers by providing assistance and information, efficiently regulating the insurance industry’s market behavior and financial solvency, and fostering a competitive insurance marketplace.
Program Goals and Objectives
  1. Conduct periodic financial examinations, identify and work with companies on solvency problems, and, when warranted, take corrective regulatory action.
    1. To conduct financial examinations pursuant to a schedule that ensures all domestic insurance companies are examined not less frequently than every five years as required by Illinois law and National Association of Insurance Commissioners (NAIC) Financial Regulation Accreditation Standards.
    2. To conduct more frequent financial examinations of domestic insurance companies identified as priorities.
  2. Ensure that regulated entities conduct business according to the incorporation, licensing, registration, and transaction approval requirements specified by applicable law and regulation.
    1. To renew by July of each year certificates of authority for all authorized foreign and alien companies operating in Illinois and all approved/accredited foreign and alien insurers operating in Illinois by September 1 of each year.
    2. To review and process all transactions (e.g., new requests for incorporation, requests for corporate changes) within 30 days of the date on which all information necessary to act on the request is available.
  3. Conduct periodic examinations of public pension funds and retirement systems to assess compliance with applicable laws and regulations and, in conjunction with legal staff, provide advisory services to public pension funds as needed.
    1. To conduct more frequent public pension fund compliance examinations to achieve a decrease in the time interval between examinations.
    2. To process all annual financial statements received from public pension funds and retirement systems within two weeks of receipt of a complete filing.
Source of Funds Public Pension Regulation Fund, Insurance Financial Regulation Fund Statutory Authority 215 ILCS 5/408.3; 30 ILCS 105/
Fiscal Year 2022 Target/Projected Fiscal Year 2021 Actual Fiscal Year 2021 Target/Projected Fiscal Year 2020 Actual Fiscal Year 2019 Actual
Input Indicators
Total expenditures - all sources (in thousands) $ 26,939.1 $ 20,455.7 $ 27,628.4 $ 19,899.5 $ 18,700.4
Total expenditures - state appropriated funds (in thousands) $ 26,939.1 $ 20,455.7 $ 27,628.4 $ 19,899.5 $ 18,700.4
Average monthly full-time equivalents 120.0 108.0 134.0 114.0 105.0
Output Indicators
LA&H and P&C financial exams started 70.0 58.0 56.0 47.0 97.0
LA&H, P&C, and HMO annual financial statements reviewed 310.0 287.0 296.0 264.0 296.0
LA&H, P&C, and HMO quarterly financial statements reviewed 907.0 883.0 872.0 859.0 872.0
Corrective orders, stipulation and consent orders, and notices of impairment issued 5.0 0.0 9.0 6.0 9.0
Certificates of authority renewed 1,460 1,447 1,400 1,389 1,410
Cease and desist and consent orders issued N/A N/A 0.0 0.0 0.0
Pension fund exams started 55.0 17.0 80.0 75.0 39.0
Pension fund exams completed 65.0 95.0 100.0 23.0 32.0
Pension fund annual statements reviewed 655.0 646.0 730.0 569.0 703.0
LA&H, P&C, and HMO limited exams started 5.0 18.0 12.0 3.0 23.0
Service contract provider registrations (new and renewal) 310.0 306.0 260.0 253.0 246.0
Risk retention groups registered 128.0 122.0 115.0 111.0 109.0
LA&H, P&C, and HMO exams scheduled 70.0 56.0 56.0 50.0 90.0
LA&H, P&C, and HMO limited exams scheduled 12.0 12.0 12.0 10.0 12.0
LA&H, P&C, and HMO annual financial statements received 368.0 360.0 357.0 352.0 357.0
LA&H, P&C, and HMO quarterly financial statements received 902.0 890.0 912.0 878.0 912.0
Pension fund annual statements received 655.0 646.0 655.0 664.0 668.0
Number of company transaction requests reviewed 950.0 941.0 950.0 932.0 914.0
Number of certification transactions processed annually 3,000 2,762 3,200 3,145 4,721
Number of corporate change transactions processed annually 375.0 315.0 415.0 408.0 426.0
Number of surplus lines producers - licensing (new and renewal) 2,900 2,877 2,675 2,666 2,547
Number of summons issued for service of process on foreign and alien insurers 600.0 555.0 750.0 574.0 1,216
Number of purchasing group registrations 6.0 5.0 10.0 10.0 15.0
Outcome Indicators
Percentage of financial analysis issues resolved 100.00% 100.00% 100.00% 100.00% 100.00%
10-year rolling average of LA&H companies in receivership 1.00% 1.00% 1.00% 1.00% 1.00%
10-year rolling average of P&C companies in receivership 1.50% 1.50% 1.50% 1.50% 1.50%
10-year rolling average of HMOs in receivership 1.90% 1.90% 1.90% 1.90% 1.90%
Percentage of LA&H companies operating compared to previous year 102.20% 102.20% 100.20% 100.20% 106.00%
Percentage of P&C companies operating compared to previous year 106.20% 106.20% 100.20% 100.20% 100.00%
Percentage of HMOs operating compared to previous year 100.00% 105.00% 100.60% 100.60% 111.00%
External Benchmarks
National Association of Insurance Commissioners Accreditation awarded Yes Yes Yes Yes Yes

Looking for more information?

© 2026 Illinois Comptroller's Office All rights reserved