Illinois Administrative Code
Title 50 - INSURANCE
Part 2410 - ADMINISTRATIVE DISSOLUTIONS OR WITHDRAWAL OF STATUTORY DEPOSIT
Section 2410.60 - Plan of Dissolution or Withdrawal of Statutory Deposit
Universal Citation: 50 IL Admin Code ยง 2410.60
Current through Register Vol. 48, No. 12, March 22, 2024
a) The Director must first approve the plan of dissolution before further action can be taken by the insurance entity to voluntarily dissolve. The Director shall consider the following elements:
1) The disposition of insurance contracts and
claimant actions;
2) The status of
any pending litigation;
3) The
payment of corporate obligations;
4) The intended disposition of assets,
including the statutory deposit being held by the Director;
5) The name and forwarding address for each
of the final officers and/or directors; and
6) The date on which the company terminated
its last policy or contract obligation and the method(s) by which they were
terminated.
b) Upon the written approval of the Director, the insurance entity shall effectuate the plan of dissolution or withdrawal and meet the final filing requirements of Section 2410.70(a) of this Part before the statutory deposit may be released by the Director pursuant to Section 2410.70(b) of this Part.
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