Illinois Statutes
§ 179E-40 — Affiliation
Illinois·Topic REGULATION·Ch. 215 INSURANCE·Act 215 ILCS 5/ Illinois Insurance Code.·Art. Article XIE - Special Purpose Reinsurance Vehicle Law
Notwithstanding the provisions of Article VIII 1/2, the SPRV, the SPRV organizer, and subsequent debt or equity investors in SPRV securities shall not be deemed affiliates of the ceding insurer by virtue of the SPRV contract between the ceding insurer and the SPRV, the securities of the SPRV, or related agreements necessary to implement the SPRV insurance securitization. An SPRV may not be controlled by, may not control, and may not be under common control with any ceding insurer that is a party to an SPRV contract.
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Legislative History
(Source: P.A. 92-124, eff. 7-20-01.)
Nearby Sections
15
§ 179E-1
Short title§ 179E-100
Authority to adopt rules§ 179E-15
Definitions§ 179E-20
Limited certificate of authority§ 179E-25
Limited purpose of SPRV§ 179E-35
Powers§ 179E-40
Affiliation§ 179E-45
Capitalization§ 179E-5
Purpose§ 179E-50
Dividends§ 179E-55
Records and financial reports§ 179E-60
Officers and directors§ 179E-65
Fees and taxes