Illinois General Assembly - Illinois Compiled Statutes

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215 ILCS 5/123C-23

(215 ILCS 5/123C-23)
Sec. 123C-23. Approval of captive reinsurance pools.

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

the Director evidence that the captive reinsurance pool:

(a) is composed only of other captive

insurance companies holding a certificate of authority under this Article or a similar law of another jurisdiction; and

(b) will be able to meet the pool's financial

obligations; and

(2) impose any other limitation or requirement on

the captive insurance company that is necessary and proper to provide adequate security for the captive insurance company.

(Source: P.A. 100-1118, eff. 11-27-18.)