(215 ILCS 5/60c)
(from Ch. 73, par. 672c)
Requirements and contents of trust agreement.
agreements governing Trusteed Assets required by Section 60b shall satisfy
the following conditions:
(1) Legal title to the Trusteed Assets shall be vested in the trustee or
trustees, and their successors lawfully appointed, in trust for the benefit
and security of policyholders of the alien company in the United States.
(2) The agreement shall provide for substitution of a new trustee or
trustees, subject to the Director's approval.
(3) All Trusteed Assets shall at all times be maintained as a trust fund
separate and distinct from all other assets.
(4) The trustee or trustees shall maintain a record at all times
sufficient to identify the assets of the trust.
(5) Withdrawal of or from the Trusteed Assets shall be made only as
provided in Section 60d.
(Source: P.A. 85-1373.)