Ill. Admin. Code tit. 74 § 760.820

Current through Register Vol. 48, No. 50, December 13, 2024

Section 760.820 - Audit Resolution Agreements

a) Pursuant to the administrator's authority to conduct an examination, the administrator possesses the authority to resolve an examination via negotiation and settlement with the person subject to examination. This provides flexibility to both the person subject to examination and the administrator to resolve issues that could require formal appeal or litigation. These settlements are often referred to as audit resolution agreements.

b) The administrator may not agree in a settlement to provide indemnification beyond that provided in Section 15-604 of the Act.

c) Pursuant to Section 15-1206(1) of the Act, the administrator may agree to reduce or waive interest and penalties as part of a settlement.

d) A mutually-agreed upon settlement resolves a specific examination and does not create any precedent on specific legal issues.

Ill. Admin. Code tit. 74, § 760.820

Adopted at 43 Ill. Reg. 4253, effective 3/25/2019.