Section 1701.10  Requirements (Explanation of Special and Contingency Reserves)

All Illinois Fraternal Benefit Societies filing annual statements with this Department which include special and contingency reserves in the liability section will be required to show definitely the purpose for which such reserves are set up and accompany the statement with a certified copy of the resolution of the Board of Directors or other similar body authorizing such reserves to the amount set out in such statement.  In the absence of such supporting resolution it will be necessary to carry any such amounts as unassigned funds in the statement.