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(215 ILCS 5/60j) (from Ch. 73, par. 672j)
Sec. 60j.
Trustees of alien companies.
(1) The directors of an alien
company may appoint citizens or
corporations of the United States as its trustees to hold funds and assets
in trust for the benefit of the policyholders and creditors of the company
in the United States. A certified copy of the record of such appointment
and of the deed of trust, approved by the Director, shall be filed with
him.
(2) The Director may examine such trustee and any officers and agents,
books and papers thereof, with respect to the affairs of such alien company
in the same manner as he may examine officers, agents, books, papers and
affairs of companies.
(3) The funds and assets so held by such trustees shall, with the
deposits otherwise made by the United States branch of the alien company in the
United States together with
loans in connection with its policies to policyholders,
and all other funds and assets held by the United States branch of the
alien company in the United States,
constitute
the assets of the company for the purpose of making its financial
statements required by this Code. For purposes of making financial
statements required by this Code, the liabilities of an alien company shall
be limited to only those liabilities incurred in connection with its United
States business.
(4) In applying the risk limitations as provided in Section 144 or any
limit on premium volume, the Director shall calculate such limitations
based solely on the alien company's assets in the United States that,
pursuant to subsection (3) of this Section, constitute the assets of the
company for purposes of making its financial statements required by this
Code and its surplus as regards policyholders as reflected in the most
recent financial statement on file with the Director.
(Source: P.A. 85-1373.)
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