TITLE 50: INSURANCE
CHAPTER I: DEPARTMENT OF INSURANCE
SUBCHAPTER w: FRATERNAL BENEFIT SOCIETIES
PART 1704
SEGREGATION OF ACCIDENT AND HEALTH BUSINESS
SECTION 1704.10 AUTHORIZATION OF FRATERNAL BENEFIT SOCIETIES TO WRITE ACCIDENT AND HEALTH INSURANCE
Section 1704.10
Authorization of Fraternal Benefit Societies to Write Accident and Health
Insurance
No domestic, foreign or alien
fraternal benefit society (except a society providing exclusively for benefits
in case of death or disability resulting solely from accident and which does
not obligate itself to pay natural death or sick benefits), shall write
accident and health insurance under Article XX of the Illinois Insurance Code
pursuant to the authority granted by Section 288 (2) of Article XVII of said
Code unless authorized to do so by its articles of incorporation, constitution
or by-laws.
 | TITLE 50: INSURANCE
CHAPTER I: DEPARTMENT OF INSURANCE
SUBCHAPTER w: FRATERNAL BENEFIT SOCIETIES
PART 1704
SEGREGATION OF ACCIDENT AND HEALTH BUSINESS
SECTION 1704.20 ESTABLISHMENT AND MAINTENANCE OF SEPARATE ACCOUNTS
Section 1704.20
Establishment and Maintenance of Separate Accounts
Every society which writes
accident and health insurance shall establish and maintain entirely separate
accounts for all transactions pertaining to its accident and health business,
to which accounts shall be credited all moneys collected for accident and health
insurance contracts and the accretions thereon and to which accounts shall be
charged or allocated all losses and expenses incurred in connection with such
contracts and all dividends paid, if any.
| TITLE 50: INSURANCE
CHAPTER I: DEPARTMENT OF INSURANCE
SUBCHAPTER w: FRATERNAL BENEFIT SOCIETIES
PART 1704
SEGREGATION OF ACCIDENT AND HEALTH BUSINESS
SECTION 1704.30 PROVISION FOR PAYMENT
Section 1704.30 Provision
for Payment
Every society must provide for
the payment on accident and health contracts of premiums, assessments or
contributions which together with the accretions thereon shall be sufficient to
provide for the claims, reserves, expenses and other liabilities attributable
to such accident and health contracts.
| TITLE 50: INSURANCE
CHAPTER I: DEPARTMENT OF INSURANCE
SUBCHAPTER w: FRATERNAL BENEFIT SOCIETIES
PART 1704
SEGREGATION OF ACCIDENT AND HEALTH BUSINESS
SECTION 1704.40 PROHIBITION OF TRANSFER OF MONEY COLLECTED TO PAY FOR LOSSES
Section 1704.40 Prohibition
of Transfer of Money Collected to Pay for Losses
No part of the money collected
for any purposes other than accident and health contracts and no part of the
accretions thereon shall be transferred to the accident and health accounts or
be used to pay any losses or expenses of the accident and health business or to
maintain the required reserves thereon except that before any society commences
the writing of accident and health insurance, the supreme legislative and
governing body may authorize the transfer of a reasonable amount from the
unassigned funds of the society to the accident and health fund. This transfer
shall be for the purpose of defraying the necessary and incidental expenses of
setting up the accident and health fund and for a period not in excess of three
years may be drawn upon, if necessary, to maintain such fund in a solvent
condition, after which period the residue, if any, shall be returned to the
fund from which transferred.
| TITLE 50: INSURANCE
CHAPTER I: DEPARTMENT OF INSURANCE
SUBCHAPTER w: FRATERNAL BENEFIT SOCIETIES
PART 1704
SEGREGATION OF ACCIDENT AND HEALTH BUSINESS
SECTION 1704.50 DEFICIENCY IN ACCOUNTS
Section 1704.50 Deficiency
in Accounts
Any deficiency in the accident
and health accounts shall be apportioned only to the accident and health
contracts, except only as provided in Section 1704.40 above, and prompt action
shall be taken to eliminate such deficiency.
| TITLE 50: INSURANCE
CHAPTER I: DEPARTMENT OF INSURANCE
SUBCHAPTER w: FRATERNAL BENEFIT SOCIETIES
PART 1704
SEGREGATION OF ACCIDENT AND HEALTH BUSINESS
SECTION 1704.60 TRANSFERRAL OF ACCOUNTS TO OTHER SOCIETIES
Section 1704.60 Transferral
of Accounts to Other Societies
Any society may provide that all
or any part of the surplus in the accident and health accounts may be
transferred to and become a part of any other accounts of the society.
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