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Terms Used In Illinois Compiled Statutes 215 ILCS 5/123C-24

  • Affiliated company: includes a parent entity that controls a captive insurance company and:
             (1) is an affiliate of another entity if the entity
    
directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with the other entity. See Illinois Compiled Statutes 215 ILCS 5/123C-1
  • 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
  • Control: means the power to direct, or cause the direction of, the management and policies of an entity, other than the power that results from an official position with or corporate office held in the entity. See Illinois Compiled Statutes 215 ILCS 5/123C-1
  • Controlled unaffiliated business: means an entity:
             (1) that is not an affiliate;
             (2) that has an existing contractual relationship
    •     
    with an affiliate under which the affiliate bears a potential financial loss; and
            (3) whose risks are managed by a captive
        
    insurance company under Section 123C-24 of this Code. 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
    •      The Director may adopt rules establishing standards to ensure that an affiliated company is able to exercise control of the risk management function of any controlled unaffiliated business to be insured by the captive insurance company.
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