(215 ILCS 5/408.3)
(from Ch. 73, par. 1020.3)
Insurance Financial Regulation Fund; uses.
deposited into the Insurance Financial
Regulation Fund shall be used only for (i) payment of the expenses of the
Department, including related administrative expenses, incurred in
analyzing, investigating and examining the financial condition or control
of insurance companies and other entities licensed or seeking to be
licensed by the Department, including the collection, analysis and
distribution of information on insurance premiums, other income, costs and
expenses, and (ii) to pay internal costs and expenses of the Interstate
Insurance Receivership Commission allocated to this State and authorized and
admitted companies doing an insurance business in this State under Article X of
the Interstate Receivership Compact. All distributions and payments from the
Insurance Financial Regulation Fund shall be subject to appropriation as
otherwise provided by law for
payment of such expenses.
Sums appropriated under clause (ii) of the preceding paragraph shall be
deemed to satisfy, pro tanto, the obligations of insurers doing business in
State under Article X of the Interstate Insurance Receivership Compact.
Nothing in this Code shall prohibit the General Assembly from
appropriating funds from the General Revenue Fund to the Department for the
purpose of administering this Code.
No fees collected pursuant to Section 408 of this Code shall be used
for the regulation of pension funds or activities by the Department in the
performance of its duties under Article 22 of the Illinois Pension Code.
If at the end of a fiscal year the balance in the Insurance Financial
Regulation Fund which remains unexpended or unobligated exceeds the amount
of funds that the Director may certify is needed for the purposes
enumerated in this Section, then the General Assembly may appropriate that
excess amount for purposes other than those enumerated in this Section.
(Source: P.A. 98-609, eff. 1-1-14.)