(215 ILCS 5/123C-6) (from Ch. 73, par. 735C-6)
(Section scheduled to be repealed on January 1, 2027)
Sec. 123C-6.
Change in plan of operation; violations.
Any material change in items (i) through (v)
of the captive insurance company's plan of operations
described in subparagraph (c) of paragraph (1) of subsection F of Section
123C-5 requires prior approval
of the Director. Any material change which is not disapproved
by the Director within 30 days after its submission
shall be deemed approved. The provisions of Sections 401.1
and 403A shall apply to a captive insurance company's
material failure to adhere to items (i) through
(v) of its plan of operations described in subparagraph (c) of paragraph
(1) of subsection F of Section 123C-5
(to the same extent and in the same manner as if such
failure were a violation of this Code).
(Source: P.A. 85-131.)
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