215 ILCS 5/123C-23

Current through Public Act 103-1052

Section 215 ILCS 5/123C-23 - Approval of captive reinsurance pools

Before determining whether to approve a captive insurance company's participation in a captive reinsurance pool under Section 123C-13 of this Code, the Director may:

(1) require the captive insurance company provide to the Director evidence that the captive reinsurance pool:

(a) is composed only of other captive insurance companies holding a certificate of authority under this Article or a similar law of another jurisdiction; and

(b) will be able to meet the pool's financial obligations; and

(2) impose any other limitation or requirement on the captive insurance company that is necessary and proper to provide adequate security for the captive insurance company.

215 ILCS 5/123C-23

Added by P.A. 100-1118,§ 90, eff. 11/27/2018.