Illinois General Assembly - Illinois Compiled Statutes

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215 ILCS 5/60b

(215 ILCS 5/60b) (from Ch. 73, par. 672b)

Sec. 60b.

Alien companies; Illinois trusteed assets.

(1) An alien company may not use Illinois as a state of entry to transact
insurance in the United States unless it maintains in this State a deposit of
assets in trust for the benefit of policyholders in the United States, which
assets shall be its "Trusteed Assets".  The United States branch of an alien
company shall maintain Trusteed Assets at least equal to (a) the sum of (i) its
minimum capital and surplus, and (ii) the amount of its liabilities to
policyholders, net of reinsurance for which credit is allowed pursuant to
Article XI, as reflected in its most recent financial statement on file with
the Director, minus (b) the sum of (i) the amount of all of its general state
deposits (including all interest accrued and due and payable
to the holder of the deposit), (ii) the amount of its special state
deposits (including all interest accrued and due and payable to the holder
of the deposit), (iii) the amount of its reinsurance recoverable on paid
losses (where such reinsurance is the type for which credit would be
allowed pursuant to Article XI), (iv) the amounts of its notes and bills
receivable, taken for premiums; (v) with respect to a company authorized to
write the kinds of insurance specified in Classes 2 and 3 of Section 4 of
this Code, the amount of its agents' balances and uncollected premiums; and
(vi) the amount of its funds held by or deposited with reinsureds.

(2) Only those assets that qualify as authorized investments as provided
in Article VIII (and in Sections 131.2 and 131.3) shall be included in an alien
company's Trusteed Assets.

(Source: P.A. 88-45; 89-97, eff. 7-7-95.)