Sec. 123C-23. Approval of captive reinsurance pools.

109 words·~1 min read·/il/chapter-215/act-5/123c-23

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Sec. 123C-23. Approval of captive reinsurance pools. Before determining whether to approve a captive insurance company's participation in a captive reinsurance pool under Section 123C-13 of this Code, the Director may:

(1)require the captive insurance company provide to the Director evidence that the

captive reinsurance pool:

(a)is composed only of other captive insurance companies holding a certificate

of authority under this Article or a similar law of another jurisdiction; and

(b)will be able to meet the pool's financial obligations; and

(2)impose any other limitation or requirement on the captive insurance company that is

necessary and proper to provide adequate security for the captive insurance company.