(40 ILCS 5/15-193) (from Ch. 108 1/2, par. 15-193)
Sec. 15-193.
Reinsurance.
The board may at any time that it appears desirable and advantageous,
contract with any recognized and solvent legal reserve life insurance
company for the payment of any benefits specified in this Article, provided
such contract applies alike to all persons of the same class and does not
cause any discrimination or create conditions which will substantially
limit or reduce the equity or security of any other participant or
annuitant in the system at the time. If any such contract is entered into,
the board may certify vouchers for the payment to any such contractor out
of funds belonging to this system of the amounts payable under such
contracts.
(Source: Laws 1963, p. 161.)
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