(215 ILCS 5/179E-25)
Sec. 179E-25.
Limited purpose of SPRV.
This Article authorizes SPRVs to be
created for the limited purpose of entering into insurance securitization
transactions with
investors and into related agreements to pay one or more ceding insurers agreed
upon
amounts under an SPRV contract upon the occurrence of triggering events related
to the
insurance business of the ceding insurer. An SPRV may not issue a contract for
assumption
of risk or indemnification of loss other than an SPRV contract as defined
herein.
(Source: P.A. 92-124, eff. 7-20-01.)
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