AUTHORITY: Implementing Sections 5, 10, 15, 25, 30 and 35 of the Unclaimed Life Insurance Benefits Act [215 ILCS 185] and authorized by Section 30 of that Act and Section 401 of the Illinois Insurance Code [215 ILCS 5].DEPARTMENT OF INSURANCE
a) Failure of an insurer to meet any requirement of this Part with such frequency as to constitute a general business practice is considered an unfair method of competition and unfair or deceptive practice as defined in Section 424 of the Code and may result in disciplinary action by the Department.
b) Failure of an insurer to accurately and completely respond to Lost Policy Finder requests received within the 30 or 45 day period, as applicable under Section 25 of the Act, is deemed to be a general business practice constituting an unfair method of competition and unfair or deceptive practice as defined in Section 424 of the Code and may result in disciplinary action by the Department.