Illinois Administrative Code
Title 50 - INSURANCE
Part 3501 - INTERNAL SECURITY STANDARDS AND FIDELITY BONDS
Section 3501.20 - Custody Care and Disposition of Securities

a) Transfer, sale, assignment or disposition of any security belonging to any company, other than upon the surrender of the security for payment at maturity or under an option of the maker to prepay the same, shall first have been authorized by the Board of Directors or by a Board committee charged with the duty of supervising investments and loans.

b) Any instrument for the assignment, sale, transfer or disposition of any securities and all checks or other orders for disbursement of funds of the company in connection with the purchase of any securities shall require the signature of at least two officers or employees authorized by the Board of Directors or by a Board committee charged with the duty of supervising investments and loans.

c) Access to any and all vaults or other repositories on the premises of any company containing securities of the company and access to any safe deposit boxes containing those securities shall be limited to officers and employees designated by the Board of Directors. The designation shall require that at least two of the designated persons be present at the time of entry and during the access to the vault, repository or safe deposit box.

d) All securities and original records of the company shall be kept in fire resistant files or vaults.