(215 ILCS 5/179A-35)
No transaction of an insurance business.
A protected cell insurance securitization shall not
be deemed to be an
insurance or reinsurance contract. An investor in a protected cell company
insurance securitization shall not, by
sole means of such investment, be deemed to be transacting an insurance
business in this State. The underwriters or selling agents (and their
partners, directors, officers, members, managers, employees, agents,
representatives, and advisors) involved in a protected cell company insurance
securitization shall not be deemed to be conducting an insurance or reinsurance
agency, brokerage, intermediary, advisory, or consulting business by virtue of
their activities in connection therewith.
(Source: P.A. 91-278, eff. 7-23-99; 92-74, eff. 7-12-01.)