Illinois Compiled Statutes 215 ILCS 125/1-3 – Definitions of admitted assets
Current as of: 2024 | Check for updates
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“Admitted Assets” includes the investments authorized or permitted by Section 3-1 of this Act and, in addition thereto, only the following:
(1) Amounts due from affiliates pursuant to
(1) Amounts due from affiliates pursuant to
management contracts or service agreements which meet the requirements of § 141.1 of the Illinois Insurance Code to the extent that the affiliate has liquid assets with which to pay the balance and maintain its accounts on a current basis; provided that the aggregate amount due from affiliates may not exceed the lesser of 10% of the organization’s admitted assets or 25% of the organization’s net worth as defined in Section 3-1. Any amount outstanding more than 3 months shall be deemed not current. For purpose of this subsection “affiliates” are as defined in Article VIII 1/2 of the Illinois Insurance Code.
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(2) Amounts advanced to providers under contract to
the organization for services to be rendered to enrollees pursuant to the contract. Amounts advanced must be for period of not more than 3 months and must be based on historical or estimated utilization patterns with the provider and must be reconciled against actual incurred claims at least semi-annually. Amounts due in the aggregate may not exceed 50% of the organization’s net worth as defined in Section 3-1. Amounts due from a single provider may not exceed the lesser of 5% of the organization’s admitted assets or 10% of the organization’s net worth.
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(3) Amounts permitted under Section 2-7.
Terms Used In Illinois Compiled Statutes 215 ILCS 125/1-3
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.