Illinois DOI Ramping Up Market Conduct Examinations

The Illinois Department of Insurance issued a press release on Thursday February 7, 2013 announcing that the DOI had collected more than $10 million in 2012 and their plans to “continue to ramp up market conduct examinations and enforcement efforts in 2013 by investigating business and regulatory practices in life and health, property and casualty, workers’ compensation and automotive insurance, among other areas.” DOI Director Boron was quoted as saying that the Department is “taking a more proactive effort to use its enforcement authority through the use of market conduct examinations which is one of the tools the Department has to foster a level playing field for the people of Illinois and to ensure that insurance companies are playing by the rules.” 

The press release goes on to discuss several multi-state examinations in which Illinois has participated. The release includes a table that shows market conduct fines in the $200,000-$300,000 range from 2009 through 2011 but then the big jump to over $10 million in 2012. The suggestion that 2013 will reflect a ramp up from there is certainly a strong statement and a warning that all Illinois-licensed entities would be wise to heed.