(215 ILCS 5/251) (from Ch. 73, par. 863)
Sec. 251.
Record of
securities-Deficit-When insolvent.
The Director shall keep a record of the securities deposited by each
company and when furnishing the annual certificate of valuation mentioned
in section 249, he shall enter thereon the amount and market value of
such securities deposited by such company. If at any time it shall appear
from such certificate or otherwise that the value of the securities held on
deposit is less than the reserve value of the registered policies
theretofore issued by such company, less such liens (not exceeding such
reserve value) as the company may have against them, and the company shall
fail or neglect to make good such deposit within sixty days, after written
notice by the Director, it shall be deemed to be insolvent and shall be
proceeded against in the manner provided in Article XIII.
(Source: Laws 1937, p. 696.)
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(215 ILCS 5/252) (from Ch. 73, par. 864)
Sec. 252.
May
increase deposit-Withdrawal of securities-Right to income.
Any such company may increase its deposits at any time by making
additional deposits of not less than five thousand dollars of securities
which are authorized investments for life companies under this Code. Any
company whose deposits exceed the reserve of all registered policies it has
in force, less such liens (not exceeding such reserve value) as the company
may hold against them, may withdraw such excess, or it may withdraw any of
said securities at any time by depositing in their stead securities of
equal value and authorized under this Code. So long as said company shall
remain solvent and maintain its deposits, as herein provided, it may
collect the interest, coupons, rents, and other income on the securities
deposited as the same may accrue.
(Source: Laws 1937, p. 696.)
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(215 ILCS 5/253) (from Ch. 73, par. 865)
Sec. 253.
Deposits
kept separate.
The securities deposited with the Director pursuant to the act mentioned
in section 246, shall be kept in the same manner but separate from other
deposits of the company.
(Source: Laws 1937, p. 696.)
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(215 ILCS 5/Art. XVI heading) ARTICLE XVI.
ASSESSMENT LEGAL RESERVE LIFE COMPANIES
(Repealed by P.A. 98-692, eff. 7-1-14; 98-969, eff. 1-1-15)
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