§ 123C-23 — Approval of captive reinsurance pools

Illinois § 123C-23

• Jurisdiction: Illinois
• Topic: REGULATION
• Ch. 215: INSURANCE
• Act 215 ILCS 5/: Illinois Insurance Code.
• Art.: Article VIIC - Domestic Captive Insurance Companies

Text

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.

Legislative History

(Source: P.A. 100-1118, eff. 11-27-18.)