Illinois Administrative Code
Title 50 - INSURANCE
Part 2410 - ADMINISTRATIVE DISSOLUTIONS OR WITHDRAWAL OF STATUTORY DEPOSIT
Section 2410.40 - Definitions

Universal Citation: 50 IL Admin Code ยง 2410.40
Current through Register Vol. 48, No. 12, March 22, 2024

Administrative Dissolution means the voluntary surrender by an insurance entity of its Certificate of Authority and cancellation of its Articles of Incorporation by the Director of the Illinois Department of Insurance, resulting in termination of the insurance entity's existence.

Code means the Illinois Insurance Code [215 ILCS 5 ].

Department means the Illinois Department of Insurance.

Director means the Director of the Illinois Department of Insurance.

Insurance Entity, for purposes of this Part, means any domestic stock; domestic mutual; reciprocal; assessment legal reserve life; mutual benefit association; or burial society who possesses a certificate of authority issued by the Director pursuant to the Code [215 ILCS 5]; a health maintenance organization (HMO) who possesses a certificate of authority issued by the Director pursuant to Sections 2-1 and 2-2 of the Health Maintenance Act [125 ILCS 125/2-1 and 2 -2] and a limited health maintenance organization (LHSO) who possesses a certificate of authority issued by the Director pursuant to Sections 2001 and 2002 of the Limited Health Service Organization Act [215 ILCS 130/2001 and 2002 ]; or farm mutual, fraternal benefit societies or other entities that are granted articles of incorporation or chartered by the Illinois Department of Insurance.

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