Section 20 ILCS 1405/1405-5 - General powersThe Department of Insurance has the following powers:
(1) To exercise the rights, powers, and duties vested by law in the insurance superintendent and the superintendent's officers and employees.(2) To exercise the rights, powers, and duties that have been vested by law in the Department of Trade and Commerce as the successor of the insurance superintendent and the superintendent's officers and employees.(3) To exercise the rights, powers, and duties heretofore vested by law in the Department of Trade and Commerce or in the Director of Trade and Commerce by: (A) all laws in relation to insurance; and(B) Article 22 of the Illinois Pension Code.(4) To execute and administer all laws heretofore or hereafter enacted relating to insurance.(5) To transfer jurisdiction of any realty under the control of the Department to any other department of the State Government or to acquire or accept federal lands when the transfer, acquisition, or acceptance is advantageous to the State and is approved in writing by the Governor. P.A. 91-239, eff. 1/1/2000.