(215 ILCS 5/179E-55)
Records and financial reports.
(a) The records of the SPRV must be maintained in this State and must be
for examination by the Department. The Director shall have the right to
records of an SPRV at any time. No later than 5 months after the fiscal year
end of the
SPRV, the SPRV must file with the Director an audit by a certified public
of the financial statements of the SPRV and the trust accounts.
(b) No later than March 1 of each year, an SPRV organized under this Article
file with the Director a statement of operations, including, but not limited
to, a statement of
income, a balance sheet, and a detailed listing of invested assets, including
assets held in trust to secure the SPRV's obligations under the SPRV contract,
for the year
ending the previous December 31. The statements shall be prepared in
Section 136 of this Code on such forms and shall reveal such information as
required by the Director.
(c) An SPRV must keep its books and records in a manner so that its
condition, affairs, and operations can be ascertained, its financial statements
filed with the
Director can be readily verified, and its compliance with the provisions of
this Article can be
determined. An SPRV may cause any or all of the books or records to be
reproduced on film, or stored and reproduced electronically.
(d) All original books, records, documents, accounts, and vouchers, or
of those items, must be preserved and kept available in this State for the
examination and until authority to destroy or otherwise dispose of the records
from the Director. The original records may, however, be kept and maintained
State if, according to a plan adopted by the SPRV's board of directors and
approved by the
Director, it maintains other suitable records.
(Source: P.A. 92-124, eff. 7-20-01.)