(215 ILCS 5/179A-30)
Sec. 179A-30.
Rehabilitation and liquidation of
protected cell companies.
(a) Notwithstanding any contrary
provision in this Code, the rules promulgated
under this Code, or any
other applicable law or rule, upon any order of rehabilitation, conservation,
or
liquidation of a protected cell company, the receiver shall be
bound
to deal with the
protected cell company's assets and liabilities, including protected cell
assets and protected
cell liabilities, in
accordance with the requirements set forth in this Article.
(b) With respect to amounts recoverable under a protected cell company insurance securitization, the amount
recoverable by the
receiver shall not be reduced or diminished as a result of the entry of an
order of rehabilitation,
conservation, or
liquidation with respect to the protected cell company notwithstanding any
provisions to the
contrary in the contracts or other documentation governing the protected cell company
insurance securitization.
(Source: P.A. 91-278, eff. 7-23-99; 92-74, eff. 7-12-01.)
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