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(215 ILCS 5/123C-16) (from Ch. 73, par. 735C-16)
(Section scheduled to be repealed on January 1, 2027)
Sec. 123C-16. Tax.
A. Every captive insurance company organized under
the provisions of this Article and doing business in
this State shall, for the privilege of doing business
in this State, pay to the Director for the State treasury
the State tax imposed under Section 409 to the same
extent and in the same manner as a domestic insurance company using a tax form prescribed by the Director on or before March 15 of each year.
B. Domestic captive insurance companies shall be insurance companies
subject to the rules now provided for such companies under the Illinois
Income Tax Act.
C. A domestic captive insurance company that has engaged one or more
administrative or management service organizations in order to comply with
subsection D of Section 123C-2 shall be deemed to meet the requirements of
Section 409(4)(a) through (d) provided that the company and such
organizations when viewed collectively as a group:
(a) maintain a place of business in this State; and
(b) maintain in this State personnel knowledgeable of |
| and responsible for the company's operations, books, records, administration and annual statement; and
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(c) conduct in this State substantially all of the
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| company's underwriting, policy issuing and servicing operations relating to the company's policyholders and certificate holders; and
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(d) comply with the provisions of Section 133(2)
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| with respect to such domestic captive insurance company's books, records, documents, accounts, vouchers and securities.
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(Source: P.A. 100-1118, eff. 11-27-18.)
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