(Section scheduled to be repealed on January 1, 2027)
132 words·~1 min read·
/il/chapter-215/act-5/1-72A 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(Section scheduled to be repealed on January 1, 2027)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-6. Change in plan of operation; violations. Any material change in items
(i)through
(v)of the captive insurance company's plan of operations described in subparagraph
(c)of paragraph
(1)of subsection F of Section 123C-5 requires prior approval of the Director. Any material change which is not disapproved by the Director within 30 days after its submission shall be deemed approved. The provisions of Sections 401.1 and 403A shall apply to a captive insurance company's material failure to adhere to items
(i)through
(v)of its plan of operations described in subparagraph
(c)of paragraph
(1)of subsection F of Section 123C-5 (to the same extent and in the same manner as if such failure were a violation of this Code).