A. (Blank).
     A-5. A captive insurance company may not issue:

Terms Used In Illinois Compiled Statutes 215 ILCS 5/123C-2

  • Captive insurance company: means any pure captive insurance company, association captive insurance company or industrial insured captive insurance company organized under the provisions of this Article. See Illinois Compiled Statutes 215 ILCS 5/123C-1
  • Director: means the Director of the Department of Insurance. See Illinois Compiled Statutes 215 ILCS 5/123C-1
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Parent: means a corporation, partnership, individual or other legal entity that directly or indirectly owns, controls, or holds with power to vote more than 50% of the outstanding voting securities of a company. See Illinois Compiled Statutes 215 ILCS 5/123C-1
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14

         (1) life insurance;
         (2) annuities;
         (3) accident and health insurance for the
    
company’s parent and affiliates, except to insure employee benefits that are subject to the federal Employee Retirement Income Security Act of 1974 or, to the extent the parent company is a college or university, an accident or health plan offered to enrolled students of the college or university;
        (4) title insurance;
         (5) mortgage guaranty insurance;
         (6) financial guaranty insurance;
         (7) homeowner’s insurance coverage;
         (8) personal automobile insurance; or
         (9) workers’ compensation insurance, except to the
    
extent allowed in subsection A-10.
    A-10. A captive insurance company is authorized to issue a contractual reimbursement policy to:
         (1) the parent company or an affiliated certified
    
self-insurer authorized under the Workers’ Compensation Act or a similar affiliated entity expressly authorized by analogous laws of another state; or
        (2) the parent company or an affiliate that is
    
insured by a workers’ compensation insurance policy with a negotiated deductible endorsement.
    B. No captive insurance company shall do any insurance business in this State unless:
         (1) it first obtains from the Director a certificate
    
of authority authorizing it to do such insurance business in this State; and
        (2) it appoints a resident registered agent to accept
    
service of process and to otherwise act on its behalf in this State.
    C. No captive insurance company shall adopt a name that is the same as, deceptively similar to, or likely to be confused with or mistaken for, any other existing business name registered in this State.
     D. Each captive insurance company, or the organizations providing the principal administrative or management services to such captive insurance company, shall maintain a place of business in this State.
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