Illinois Compiled Statutes 215 ILCS 5/123C-26 – Dividends
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A. A captive insurance company shall notify the Director in writing when issuing policyholder dividends.
B. A captive insurance company, with the Director’s approval, may issue dividends or distributions to the holders of an equity interest in the captive insurance company. The Director shall adopt rules to implement this subsection B.
B. A captive insurance company, with the Director’s approval, may issue dividends or distributions to the holders of an equity interest in the captive insurance company. The Director shall adopt rules to implement this subsection B.
Terms Used In Illinois Compiled Statutes 215 ILCS 5/123C-26
- 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