(Section scheduled to be repealed on January 1, 2027)
303 words·~1 min read·
/il/chapter-215/act-5/1-69A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(Section scheduled to be repealed on January 1, 2027)
Sec. 123C-2. Authority of captives; restrictions.
A. (Blank).
A-5. A captive insurance company may not issue:
(1)life insurance;
(2)annuities;
(3)accident and health insurance for the company's parent and affiliates, except to
insure employee benefits that are subject to the federal Employee Retirement Income Security Act of 1974 or, to the extent the parent company is a college or university, an accident or health plan offered to enrolled students of the college or university;
(4)title insurance;
(5)mortgage guaranty insurance;
(6)financial guaranty insurance;
(7)homeowner's insurance coverage;
(8)personal automobile insurance; or
(9)workers' compensation insurance, except to the extent allowed in subsection A-10.
A-10. A captive insurance company is authorized to issue a contractual reimbursement policy to:
(1)the parent company or an affiliated certified self-insurer authorized under the
Workers' Compensation Act or a similar affiliated entity expressly authorized by analogous laws of another state; or
(2)the parent company or an affiliate that is insured by a workers' compensation
insurance policy with a negotiated deductible endorsement.
B. No captive insurance company shall do any insurance business in this State unless:
(1)it first obtains from the Director a certificate of authority authorizing it to do
such insurance business in this State; and
(2)it appoints a resident registered agent to accept service of process and to
otherwise act on its behalf in this State.
C. No captive insurance company shall adopt a name that is the same as, deceptively similar to, or likely to be confused with or mistaken for, any other existing business name registered in this State.
D. Each captive insurance company, or the organizations providing the principal administrative or management services to such captive insurance company, shall maintain a place of business in this State.