(215 ILCS 5/267) (from Ch. 73, par. 879)
    Sec. 267. Subscription requirements - Surplus.
    (1) No assessment legal reserve life company shall receive a certificate of authority from the Director to transact an insurance business unless it has 250 bona fide applications from 250 persons for life insurance in the aggregate of at least $125,000 and shall have a surplus of at least $100,000.
    (2) No such company shall be authorized to transact business of the kind specified in clause (b) of Class 1 of Section 4 until it:
        (a) has qualified as prescribed in subsection (1) of
    
this Section;
        (b) obtains bona fide applications from at least 500
    
persons for insurance of the kind specified in clause (b) of Class 1 of Section 4, for not less than $500 nor more than $1,000 of maximum liability each;
        (c) collects one full annual premium in cash on each
    
application; and
        (d) has a surplus, in addition to the requirement of
    
subsection (1), of at least $100,000.
    (3) Every company subject to the provisions of this Article and organized on or after July 15, 1959, shall have and at all times maintain a minimum surplus in an amount equal to 2/3 of the original surplus required by subsections (1) and (2), provided, however, that any such company organized prior to July 15, 1959, shall have and at all times maintain a minimum surplus in an amount equal to that which would have been required immediately prior to July 15, 1959.
    (4) All companies operating under this Article XVI and authorized to transact any of the types of business enumerated in clause (b) of Class 1 of Section 4, in addition to the minimum surplus required by paragraph (3) of this Section, shall have and at all times maintain an additional minimum surplus of not less than $250,000.
    (5) The Director shall take action under Section 401.1 against any company which fails to maintain the additional minimum surplus required by this Section. "Minimum surplus" means the "surplus as regards policyholders", as it appears on the annual statement of an assessment company on the annual statement form prescribed by the National Association of Insurance Commissioners.
(Source: P.A. 91-357, eff. 7-29-99.)