(215 ILCS 5/123C-10) (from Ch. 73, par. 735C-10)
(Section scheduled to be repealed on January 1, 2027)
Sec. 123C-10.
Examinations and investigations;
fees.
A. The provisions of Sections 132 through 132.7 shall
apply to captive
insurance companies. The expenses and charges of any
examination conducted pursuant to those Sections shall
be paid by the company examined.
B. When necessary to supplement its evaluation or examination
procedures, the Department may retain independent actuaries
deemed competent by the Director, qualified loss
reserve consultants, independent risk managers,
independent certified public accountants, or
qualified examiners of insurance companies deemed competent
by the Director, or any combination of the foregoing. The Director may
also accept as a part of the Department's examination of any company
or person (a) a report by an independent actuary deemed
competent by the Director or (b) a report of an audit
made by an independent certified public accountant.
Neither those persons so designated nor any members
of their immediate families shall be officers of,
connected with, or financially interested in any company
other than as policyholders, nor shall they be financially
interested in any other corporation or person affected
by the examination, investigation or hearing. The reasonable
expenses and charges of persons so retained or
designated shall be paid directly by the company.
(Source: P.A. 89-97, eff. 7-7-95.)
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