Illinois General Assembly - Illinois Compiled Statutes

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215 ILCS 5/123C-12

(215 ILCS 5/123C-12) (from Ch. 73, par. 735C-12)

(Section scheduled to be repealed on January 1, 2027)

Sec. 123C-12. Legal investments.

A. The provisions of Article VIII and of Sections 131.2
and 131.3 shall apply to association captive insurance
companies.

B.  No pure captive insurance company or industrial
insured captive insurance company shall be subject to
any restrictions on allowable investments whatever,
including those limitations contained in Articles VIII
and VIII 1/2; provided, however, that the Director
may prohibit or limit any investment or type of investment
that threatens the solvency or liquidity of any such
company; and provided further that an industrial insured
captive insurance company must adhere to the investment
policy set forth in its plan of operation as approved
from time to time by the Director.

C.     A captive insurance company may make loans to its affiliates with the prior approval of the Director.  Each loan must be evidenced by a note approved by the Director.  A captive insurance company may not make a loan of the minimum capital and surplus funds required by this Article.

D.    The Director may prohibit or limit an investment that threatens the solvency or liquidity of a captive insurance company.

(Source: P.A. 100-1118, eff. 11-27-18.)