Illinois Compiled Statutes 215 ILCS 5/123C-23 – Approval of captive reinsurance pools
Current as of: 2024 | Check for updates
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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
(1) require the captive insurance company provide to
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the Director evidence that the captive reinsurance pool:
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(a) is composed only of other captive
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insurance companies holding a certificate of authority under this Article or a similar law of another jurisdiction; and
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(b) will be able to meet the pool’s financial
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obligations; and
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(2) impose any other limitation or requirement on
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the captive insurance company that is necessary and proper to provide adequate security for the captive insurance company.
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Terms Used In Illinois Compiled Statutes 215 ILCS 5/123C-23
- Captive insurance company: means any pure captive insurance company, association captive insurance company or industrial insured captive insurance company organized under the provisions of this Article. See Illinois Compiled Statutes 215 ILCS 5/123C-1
- Director: means the Director of the Department of Insurance. See Illinois Compiled Statutes 215 ILCS 5/123C-1
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.