(3) The trust shall keep its books and records in accordance with the
provisions of Section 133 of this Code. The Director may examine such
books and records from time to time as provided in Sections 132
through 132.7 of this Code
and may charge the expense of such examination to the trust as provided in
subsection (3) of Section 408 of this Code.
(4) Trust funds established under this Section and all persons
interest therein or dealing therewith shall be subject to the provisions of
Sections 133, 144.1, 149, 401, 401.1, 402, 403, 403A, 412, and all of the
provisions of Articles VII, VIII, XII 1/2 and XIII of the Code, as amended.
Except as otherwise provided in this Section, trust funds established
under and which fully comply with this Section, shall not be subjected to
any other provision of the Code.
(5) The Director of Insurance may make reasonable rules and regulations
pertaining to the standards of coverage and administration of the trust
authorized by this Section. Such rules may include but need not be limited
to reasonable standards
for fiduciary duties of the trustees, standards for the investment of
funds, limitation of risks assumed, minimum size, capital, surplus,
reserves, and contingency reserves.
(Source: P.A. 93-32, eff. 7-1-03.)