Illinois Administrative Code
Title 50 - INSURANCE
Part 2410 - ADMINISTRATIVE DISSOLUTIONS OR WITHDRAWAL OF STATUTORY DEPOSIT
Section 2410.10 - Purpose
Universal Citation: 50 IL Admin Code ยง 2410.10
Current through Register Vol. 48, No. 12, March 22, 2024
The purpose of this Part is to implement Public Act 92-0075, which authorizes the Director to return any statutorily required deposit of securities to an insurance entity, in connection with the applicable administrative dissolution or withdrawal, where necessary to terminate the insurance entity's existence. This Part sets forth the procedural and filing requirements insurance entities must follow when requesting administrative dissolution or withdrawal of their statutory deposit. This process will help eliminate the uncertainty regarding the dissolution of insurance entities and release of their statutory deposits.
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