Illinois Compiled Statutes
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215 ILCS 125/2-6
(215 ILCS 125/2-6)
(from Ch. 111 1/2, par. 1406.2)
(a) An organization subject to the provisions
of this Act shall make and maintain with the Director through December 30,
1993, for the protection of enrollees of the organization, a deposit of
securities which are authorized investments under paragraphs (1)
and (2) of subsection (h) of Section 3-1 having a fair market value equal to
at least $100,000. Effective December 31, 1993 and through December 30,
1994, the deposit shall have a fair market value at least equal to $200,000.
Effective December 31, 1994 and thereafter, the deposit shall have a fair
market value at least equal to $300,000. An organization issued a certificate
of authority on or after the effective date of this Amendatory Act of 1993,
shall make and maintain with the Director; for the protection of enrollees of
the organization, a deposit of securities which are authorized investments
under paragraphs (1) and (2) of subsection (h) of Section 3-1 having a fair
market value equal to at least $300,000. The amount on deposit shall remain
as an admitted asset of the organization in the determination of its net
worth. The Director may release the required deposit of securities
upon receipt of
an order of a court having proper jurisdiction or
certification by the organization that it has no outstanding
enrollee creditors, enrollees, certificate holders, or enrollee obligations
in effect and no plans to engage in the
business of insurance as a health maintenance organization; (ii)
a lawful resolution of the
organization's governing body effecting the surrender of
its certificate of authority, articles of incorporation, or other
organizational documents to their issuing governmental officer for voluntary or
administrative dissolution; and (iii) receipt of the name and
forwarding address for each of the final officers and directors of the
together with a plan of dissolution approved by the Director.
(b) An organization that offers a point-of-service product, as permitted
by Article 4.5, must maintain an additional deposit in an amount that is not
less than the greater of 125% of the organization's annual projected
point-of-service claims or $300,000.
(Source: P.A. 92-75, eff. 7-12-01; 92-135, eff. 1-1-02; 92-651, eff.