Public Accountability Report Public Accountability Report

2025 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. (Please see footnotes A and B)
    Source of Funds Public Pension Regulation Fund, Insurance Financial Regulation Fund Statutory Authority 215 ILCS 5/408.3; 30 ILCS 105/
    Fiscal Year 2026 Target/Projected Fiscal Year 2025 Actual Fiscal Year 2025 Target/Projected Fiscal Year 2024 Actual Fiscal Year 2023 Actual
    Input Indicators
    Total expenditures - all sources (in thousands) $ 47,077.8 $ 27,231.9 $ 45,761.4 $ 22,875.0 $ 20,765.6
    Total expenditures - state appropriated funds (in thousands) $ 47,077.8 $ 27,231.9 $ 45,761.4 $ 22,875.0 $ 20,765.6
    Average monthly full-time equivalents 146.0 122.0 140.0 105.0 104.0
    Output Indicators
    LA&H and P&C financial exams started 50.0 51.0 30.0 86.0 75.0
    LA&H, P&C, and HMO annual financial statements reviewed 344.0 317.0 401.0 290.0 263.0
    LA&H, P&C, and HMO quarterly financial statements reviewed 960.0 905.0 874.0 857.0 912.0
    Corrective orders, stipulation and consent orders, and notices of impairment issued 2.0 0.0 4.0 3.0 1.0
    Certificates of authority renewed 1,472 1,469 1,470 1,466 1,453
    Cease and desist and consent orders issued 0.0 0.0 0.0 0.0 0.0
    Pension fund exams started (a) N/A N/A N/A N/A 71.0
    Pension fund exams completed (a) N/A N/A N/A N/A 63.0
    Pension fund annual statements reviewed (a) N/A N/A N/A N/A 32.0
    LA&H, P&C, and HMO limited exams started 10.0 9.0 10.0 7.0 8.0
    Service contract provider registrations (new and renewal) 350.0 341.0 335.0 330.0 329.0
    Risk retention groups registered 160.0 158.0 147.0 145.0 139.0
    LA&H, P&C, and HMO exams scheduled 50.0 50.0 30.0 70.0 77.0
    LA&H, P&C, and HMO limited exams scheduled 10.0 10.0 10.0 10.0 12.0
    LA&H, P&C, and HMO annual financial statements received 341.0 309.0 330.0 314.0 346.0
    LA&H, P&C, and HMO quarterly financial statements received 935.0 895.0 963.0 936.0 896.0
    Pension fund annual statements received 677.0 673.0 686.0 658.0 422.0
    Number of company transaction requests reviewed 1,089 948.0 994.0 957.0 816.0
    Number of certification transactions processed annually 3,600 3,576 3,700 3,672 3,016
    Number of corporate change transactions processed annually 375.0 359.0 375.0 368.0 361.0
    Number of surplus lines producers - licensing (new and renewal) 4,380 4,369 4,050 4,033 3,292
    Number of summons issued for service of process on foreign and alien insurers 500.0 491.0 435.0 426.0 485.0
    Number of purchasing group registrations 4.0 2.0 4.0 3.0 5.0
    Outcome Indicators
    Percentage of financial analysis issues resolved 100.00% 100.00% 100.00% 100.00% 100.00%
    Percentage of domestic LA&H companies in receivership (b) 1.70% 1.70% 1.00% 1.00% 1.00%
    Percentage of domestic P&C companies in receivership (b) 4.30% 4.80% 1.50% 1.50% 1.50%
    Percentage of domestic HMOs in receivership (b) 0.00% 5.60% 1.90% 1.90% 1.90%
    Percentage of LA&H companies operating compared to previous year 101.20% 100.90% 101.20% 100.90% 100.00%
    Percentage of P&C companies operating compared to previous year 101.40% 100.40% 101.40% 100.40% 100.00%
    Percentage of HMOs operating compared to previous year 100.00% 100.00% 100.00% 100.00% 105.55%
    External Benchmarks
    National Association of Insurance Commissioners Accreditation awarded Yes Yes Yes Yes Yes
    Footnotes
    The division no longer completes the exams internally, as these are now the responsibility of the Illinois Police Officers’ Pension Investment Fund and the Firefighters’ Pension investment fund per P.A. 103-0008 and active MOUs. The receivership values reported here have been revised from the 10-year rolling average to the percentage of domestic companies in receivership. This change was made to provide a more up-to-date view of the current Illinois insurance marketplace. This value will also be easier to track and maintain going forward.

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