(215 ILCS 5/245.23) (from Ch. 73, par. 857.23)
Sec. 245.23.
No company may deliver or issue for delivery within this State variable
contracts unless it is authorized or organized to do a
life, annuity, or accident and health insurance business in this State, and the Director is satisfied that its
condition or method of operation in connection with the issuance of such
contracts will not render its operation hazardous to the public or its
policyholders in this State. In this connection, the Director may consider
among other things:
(a) The history and financial condition of the company;
(b) The character, responsibility and fitness of the officers and
directors of the company; and
(c) The law and regulation under which the company is authorized in its
state of domicile to issue variable contracts.
If the company is a subsidiary of an authorized insurance
company, or
affiliated with such a company through common management or ownership, it
may be deemed by the Director to have met the requirements of this Section
if either it or the parent or the affiliated company meets the requirements
of this Section.
(Source: P.A. 90-381, eff. 8-14-97.)
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