Illinois Administrative Code
Title 50 - INSURANCE
Part 401 - ACCUMULATION OF GUARANTY FUND OR GUARANTY CAPITAL - REPORTING AND ACCOUNTING OF SUCH INDEBTEDNESS
Section 401.30 - Approval of Certificate Form by Director
Universal Citation: 50 IL Admin Code ยง 401.30
Current through Register Vol. 48, No. 12, March 22, 2024
Guaranty Fund or Guaranty Capital certificates issued pursuant to Section 76 of the Illinois Insurance Code (Ill. Rev. Stat. 1987, ch. 73 par. 688) shall be submitted, in duplicate, for the Director's approval prior to being issued by the company. The certificate must state that all payments of principal and/or interest must be approved by the Director of Insurance. It also must state that neither principal nor interest may be repaid unless after such payment, surplus as regards policyholders is equal to or greater than surplus as regards policyholders immediately after the issuance of the guaranty fund or guaranty capital certificates.
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