Illinois § 60c Requirements and contents of trust agreement

Illinois Statutes

§ 60c — Requirements and contents of trust agreement

Illinois § 60c

JurisdictionIllinois

TopicREGULATION

Ch. 215INSURANCE

Act 215 ILCS 5/Illinois Insurance Code.

Art.Article III 1/2 - Alien Companies

This text of Illinois § 60c (Requirements and contents of trust agreement) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

215 Ill. Comp. Stat. 60c (2026).

Text

Trust agreements governing Trusteed Assets required by Section 60b shall satisfy the following conditions:

(1)Legal title to the Trusteed Assets shall be vested in the trustee or trustees, and their successors lawfully appointed, in trust for the benefit and security of policyholders of the alien company in the United States.

(2)The agreement shall provide for substitution of a new trustee or trustees, subject to the Director's approval.

(3)All Trusteed Assets shall at all times be maintained as a trust fund separate and distinct from all other assets.

(4)The trustee or trustees shall maintain a record at all times sufficient to identify the assets of the trust.

(5)Withdrawal of or from the Trusteed Assets shall be made only as provided in Section 60d.

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Trust agreements governing Trusteed Assets required by Section 60b shall satisfy the following conditions: (1) Legal title to the Trusteed Assets shall be vested in the trustee or trustees, and their successors lawfully appointed, in trust for the benefit and security of policyholders of the alien company in the United States. (2) The agreement shall provide for substitution of a new trustee or trustees, subject to the Director's approval. (3) All Trusteed Assets shall at all times be maintained as a trust fund separate and distinct from all other assets. (4) The trustee or trustees shall maintain a record at all times sufficient to identify the assets of the trust. (5) Withdrawal of or from the Trusteed Assets shall be made only as provided in Section 60d.