(215 ILCS 5/179A-10)
"Domestic company" means an insurance company domiciled in the State of
"Fully funded" means that, with respect to any exposure attributed to a
protected cell, the market value of the protected cell assets, on the date on
which the insurance securitization is effected, equals or exceeds the maximum
possible exposure attributable to the protected cell with respect to those
"General account" means the assets and liabilities of a protected cell
protected cell assets and protected cell liabilities.
"Indemnity trigger" means a transaction term by which relief of
obligation to repay
investors is triggered by its incurring a specified level of
losses under its insurance or
"Market value" has the meaning given that term in Article VIII of
(Investments of Domestic Companies).
"Non-indemnity trigger" means a transaction term by which relief of the
issuer's obligation to repay investors is triggered solely by some event or
condition other than the individual protected cell company incurring a
specified level of losses under its insurance or reinsurance contracts.
"Protected cell" means an identified pool of assets and liabilities of a
segregated and insulated by means of this Article from the remainder of the
"Protected cell account" means a specifically identified bank or custodial
account established by
a protected cell company for the purpose of segregating the
protected cell assets of
one protected cell from the protected cell assets of other protected cells and
from the assets of the
protected cell company's general account.
"Protected cell assets" means all assets, contract rights, and general
intangibles identified with and attributable to
specific protected cell
of a protected cell company.
"Protected cell company" means a domestic company that has one or more
"Protected cell company insurance securitization"
means the issuance of debt instruments, the proceeds from which support the
exposures attributed to the protected cell, by a protected cell company where
repayment of principal or interest, or both, to investors pursuant to the
transaction terms is contingent upon the occurrence or nonoccurrence of an
event with respect to which the protected cell company is exposed to loss under
insurance or reinsurance contracts it has issued.
"Protected cell liabilities" means all liabilities and other obligations
identified with and
attributable to a specific
protected cell of a protected cell company.
(Source: P.A. 91-278, eff. 7-23-99; 92-74, eff. 7-12-01.)