Sec. 547. Prevention of insolvencies.
136 words·~1 min read·
/il/chapter-215/act-5/547A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 547. Prevention of insolvencies. To aid in the detection and prevention of company insolvencies:
(a)The board of directors may, upon majority vote, make recommendations to the Director
on matters pertaining to regulation for solvency.
(b)The board of directors may prepare a report on the history and causes of any company
insolvency in which the Fund was obligated to pay covered claims, based on the information available to the Fund, and submit such report to the Director.
(c)The Director may disclose to the Fund the information described in subsection
(g)of
Section 132.5 as well as the information described in subsection
(c)of Section 131.22, and the Fund may use that information to prepare for the possible liquidation of a member company subject to the requirements and restrictions set forth in Section 132.5.