Illinois Administrative Code
Title 50 - INSURANCE
Part 205 - MUNICIPAL BOND INSURANCE
Section 205.80 - Collateral Security
Universal Citation: 50 IL Admin Code ยง 205.80
Current through Register Vol. 48, No. 12, March 22, 2024
An insurer transacting municipal bond insurance as defined in Section 205.30 insurer may, for the purposes of Section 205.50, treat the amount of a clean, irrevocable letter of credit or other assets which would qualify under Section 173.1(2) of the Illinois Insurance Code (Ill. Rev. Stat. 1985, ch.73, par. 171.1(2) ) deposited with it or held in trust to secure payment of the insured principal and interest, as a reduction in the amount of exposure insured.
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