Illinois Administrative Code
Title 50 - INSURANCE
Part 3501 - INTERNAL SECURITY STANDARDS AND FIDELITY BONDS
Section 3501.10 - Registration of Securities
Universal Citation: 50 IL Admin Code ยง 3501.10
Current through Register Vol. 48, No. 12, March 22, 2024
a) All securities belonging to or in the possession, custody or control of any company shall be registered, issued to, and carried in the name of the company except:
1) Securities pledged or hypothecated with
the company as security for indebtedness or obligations to the
company;
2) Securities that are
only issuable in bearer form, i.e., securities that cannot be issued in
registered form;
3) Securities in
"custodial" accounts maintained with a bank or trust company, licensed by the
United States or any state thereof, that is regularly examined by the licensing
authority; provided the custodial accounts shall be the undivided
responsibility of the depository and provided further that the custodial
account shall be established conformably with and conducted in compliance with
Section
3501.20;
4) Securities in vaults or other repositories
on the premises of the company, or in safe deposit boxes leased in the name of
the company, access to which is controlled as required by Section
3501.20;
5) Securities in street
form and in the custody of a registered dealer in securities, for a period not
exceeding 30 days as to any security, provided that the registered dealer in
securities shall not be an officer, director, agent or employee of the owner of
those securities and provided further that accounts with registered dealers
shall be established conformably with and conducted in compliance with Section
3501.20;
6) Money shall not be
loaned to any officer, director, employee, policyholder of the company or any
other individual.
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