Before determining whether to approve a captive insurance company‘s participation in a captive reinsurance pool under Section 123C-13 of this Code, the Director may:
         (1) require the captive insurance company provide to
    
the Director evidence that the captive reinsurance pool:
            (a) is composed only of other captive
        
insurance companies holding a certificate of authority under this Article or a similar law of another jurisdiction; and
            (b) will be able to meet the pool’s financial
        
obligations; and
        (2) impose any other limitation or requirement on
    
the captive insurance company that is necessary and proper to provide adequate security for the captive insurance company.

Terms Used In Illinois Compiled Statutes 215 ILCS 5/123C-23

  • 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
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
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