Sec. 179A-30. Rehabilitation and liquidation of protected cell companies.
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/il/chapter-215/act-5/179a-30A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 179A-30. Rehabilitation and liquidation of protected cell companies.
(a)Notwithstanding any contrary provision in this Code, the rules promulgated under this Code, or any other applicable law or rule, upon any order of rehabilitation, conservation, or liquidation of a protected cell company, the receiver shall be bound to deal with the protected cell company's assets and liabilities, including protected cell assets and protected cell liabilities, in accordance with the requirements set forth in this Article.
(b)With respect to amounts recoverable under a protected cell company insurance securitization, the amount recoverable by the receiver shall not be reduced or diminished as a result of the entry of an order of rehabilitation, conservation, or liquidation with respect to the protected cell company notwithstanding any provisions to the contrary in the contracts or other documentation governing the protected cell company insurance securitization.