Illinois Statutes
§ 15-193 — Reinsurance
Illinois·Topic GOVERNMENT·Ch. 40 PENSIONS·Act 40 ILCS 5/ Illinois Pension Code.·Art. Article 15 - State Universities Retirement System
The board may at any time that it appears desirable and advantageous, contract with any recognized and solvent legal reserve life insurance company for the payment of any benefits specified in this Article, provided such contract applies alike to all persons of the same class and does not cause any discrimination or create conditions which will substantially limit or reduce the equity or security of any other participant or annuitant in the system at the time. If any such contract is entered into, the board may certify vouchers for the payment to any such contractor out of funds belonging to this system of the amounts payable under such contracts.
Free access — add to your briefcase to read the full text and ask questions with AI
Illinois § 15-193 (Reinsurance) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
(Source: Laws 1963, p. 161.)
Nearby Sections
15
§ 15-101
Creation of system§ 15-102
Terms defined§ 15-103
System§ 15-103.1
Traditional Benefit Package§ 15-103.2
Portable Benefit Package§ 15-103.3
Self-Managed Plan§ 15-104
The 1941 Act§ 15-105
Board§ 15-106
Employer§ 15-107
Employee§ 15-108
Participant§ 15-108.1
Tier 1 member§ 15-108.2
Tier 2 member§ 15-109
Participating employee§ 15-110
Basic compensation