Illinois Administrative Code
Title 50 - INSURANCE
Part 2410 - ADMINISTRATIVE DISSOLUTIONS OR WITHDRAWAL OF STATUTORY DEPOSIT
Section 2410.70 - Final Filing Requirements
Universal Citation: 50 IL Admin Code ยง 2410.70
Current through Register Vol. 48, No. 12, March 22, 2024
a) Once the plan of dissolution or withdrawal has been effectuated, the insurance entity shall submit the following documents to the Director:
1) Certification of the completion of such
portions of the plan as may be reasonably expected, pending release of the
statutory security deposit and, except for an HMO or an LHSO, cancellation of
the Articles of Incorporation;
2)
Certification that there are no outstanding creditors, policyholders,
enrollees, certificate holders, or enrollee/member obligations in effect that
will require the use or maintenance of the statutorily required deposit and
that, if the insurance entity is an HMO or LHSO, it currently does not and has
no plans to engage in the business of insurance in this State;
3) Most current balance sheet;
4) Original Certificate of Authority and/or,
except for an HMO or LHSO, Articles of Incorporation; or an Affidavit of the
loss of the original documents, submitted by a final officer of the insurance
entity;
5) Agreement for Assumption
of Liabilities, if any, signed by the party who is to receive the security
deposit.
b) At such time as the Director is satisfied that the plan of dissolution or withdrawal, as approved, has been carried out as far as may be reasonably expected, and the documents required in Section 2410.70(a) have been filed, the statutory deposit may be released in accordance with the direction given in a certified Board Resolution pursuant to 50 Ill. Adm. Code 904.20.
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