(215 ILCS 5/97) (from Ch. 73, par. 709)
(Section scheduled to be repealed on January 1, 2027)
Sec. 97.
Deposit
required of underwriters.
Each underwriter of a domestic Lloyds shall make and maintain a deposit
of cash or securities, or both, in trust with a responsible bank or trust
company in this State to indemnify policyholders against loss. Securities
so deposited shall be of a character conformable to the requirements of
Article VIII applicable to companies transacting the same kind or kinds
of business. The attorney-in-fact shall file with the Director an
authenticated copy of each trust agreement under which any such deposit is
made. All such deposits shall be considered as admitted assets of such
Lloyds. No change or withdrawal of cash or securities deposited in trust
shall be made without the approval of the Director.
(Source: Laws 1959, p. 1431.)
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