Section 3601.110  Administrators

a)         Each trust approved pursuant to the Act may engage an administrator for the purpose of administrating and operating the trust fund.  Such administrator shall be a resident of the State of Illinois with its principal office located within the State of Illinois.  Such administrator may be a natural person, partnership or corporate entity.

b)         All persons administering a trust approved pursuant to the provisions of the Act shall be subject to the examination of the Director of Insurance in accordance with Section 132 of the Illinois Insurance Code and shall maintain all trust records within the State of Illinois.

c)         All administrators of trusts approved pursuant to the provisions of the Act must adhere to all standards of fiduciary conduct required by the laws of the State of Illinois and must adhere to all standards of claims practices and procedures set forth in the Illinois Insurance Code and all Rules promulgated thereunder.