(a) Assets of the SPRV held in trust to secure obligations under the SPRV contract must at all times be held in:
        (1) cash and cash equivalents;

Terms Used In Illinois Compiled Statutes 215 ILCS 5/179E-85

  • 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.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • 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

        (2) securities listed by the Securities Valuation
    
Office of the NAIC and qualifying as admitted assets under statutory accounting convention in its state of domicile; and
        (3) any other form of security acceptable to the
    
Director.
    (b) An SPRV may enter into swap agreements or other transactions that have the objective of leveling timing differences in funding of up-front or ongoing transaction expenses or managing credit or interest rate risk of the investments in the trust to ensure that the investments are sufficient to assure payment or repayment of:
        (1) the securities (and related interest or principal
    
payments) issued pursuant to an SPRV insurance securitization transaction; or
        (2) the SPRV’s obligations under the SPRV contract.
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