(215 ILCS 5/74) (from Ch. 73, par. 686)
(Section scheduled to be repealed on January 1, 2027)
Sec. 74.
Deposit.
A domestic reciprocal subject to the
provisions of this Article shall make and maintain with the Director, for
the protection of all creditors, policyholders and policy obligations of
the reciprocal, a deposit of securities that are
authorized investments under Section 126.11A(1), 126.11A(2), 126.24A(1), or
126.24A(2), having a fair market value equal to the surplus required to be
maintained under Section 66.
The Director may release the required deposit of securities
upon receipt of
an order of a court having proper jurisdiction or
upon: (i)
certification by the reciprocal company that it has no outstanding creditors,
policyholders, or policy obligations in effect and no plans to engage in the
business of insurance; (ii) receipt of a lawful resolution of the
governing body of the reciprocal's attorney-in-fact effecting the surrender of
its certificate of authority and declaration of organization for
administrative dissolution by the Director; and (iii) receipt of the name and
forwarding address for each of the final officers and directors of the
reciprocal's attorney-in-fact,
together with a plan of dissolution approved by the Director.
(Source: P.A. 92-75, eff. 7-12-01.)
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