(215 ILCS 5/179b)
Sec. 179b.
Reinsurance committee.
Each domestic company that cedes any
reinsurance must establish and maintain a reinsurance committee with not fewer
than 3 members, at least one of which must be a member of the company's board
of directors. The committee shall review and approve all treaty reinsurance
placements and review and approve guidelines for facultative placements for the
company, with the
exception of a reinsurance agreement in which the aggregate premium ceded in
any one year is
less than 1% of the company's annual gross written premium.
The committee shall give special attention to reinsurers' financial
strength and performance record.
(Source: P.A. 88-364.)
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