(215 ILCS 5/146) (from Ch. 73, par. 758)
Sec. 146.
Withdrawal
of deposits.
(1) The Director shall at any time upon request release to a company any
portion of its deposit which is not required as a compliance with the
conditions of this Code.
(2) When all of the business of a company has been reinsured in
accordance with this Code and the assets thereof by contract assigned to
another company, the Director may deliver to the reinsured company or to
its assigns under the contract of reinsurance after one year from the
effective date of such reinsurance contract, all the securities deposited
by the reinsured company upon compliance with the following conditions:
(a) The reinsuring company under the reinsurance contract has assumed
all liabilities of every kind due and to become due which the deposit of
the reinsured company was made to secure or adequate provision has been
made therefor;
(b) The said reinsuring company shall have and maintain a deposit in
this State or with the department or official charged with the duty of
supervising the business of insurance in the state where it is incorporated
or, if an alien company, where it is entered, in securities authorized by
this Code as lawful investments of the company and in an amount and value
not less than the deposit formerly required of the reinsured company by
this Code; and
(c) The deposit of the said reinsuring company shall be such that it
will subsist for the security of all the obligations of the reinsuring
company.
(Source: Laws 1937, p. 696.)
|