(215 ILCS 5/35A-40)
Sec. 35A-40.
Foreign insurers.
(a) Upon the written request of the Director, a foreign insurer shall submit
to the Director an RBC Report as of the end of the previous calendar year no
later than the later of the date an RBC Report would be required to be filed by
a domestic insurer under this Article or 15 days after the foreign insurer
receives the Director's request. Upon the written request of the Director, a
foreign insurer shall promptly submit to the Director a copy of any RBC Plan
that is filed with
the chief insurance regulatory official or any other state.
(b) In the event of a company action level event, regulatory
action level
event, or authorized control level event with respect to any foreign
insurer as determined under the RBC statute
applicable in the state of domicile of the insurer or, if no RBC statute is
in force in that state, under the provisions of this Article, if the chief
insurance regulatory official of the state of domicile of the foreign insurer
fails to require the foreign insurer to file an RBC Plan in the manner
specified under that state's RBC statute or, if no RBC statute is in force in that
state, under Section 35A-15, the Director may require the foreign insurer to
file an RBC Plan with the Director. In that event,
the failure of the foreign insurer to file an RBC Plan with the Director is
grounds to order the insurer to cease and desist from writing new insurance
business in this State.
(c) In the event of a mandatory control level event with respect to any
foreign insurer, if no domiciliary receiver has been appointed with respect to
the foreign insurer under the rehabilitation and liquidation statute applicable
in the state of domicile of the foreign insurer, the Director may make
application to the Circuit Court of Sangamon County or Cook County as permitted
under
Article XIII with respect to the liquidation of property of foreign insurers
found in this State, and the occurrence of the mandatory control level event
shall be considered adequate grounds for the application.
(Source: P.A. 88-364; 89-97, eff. 7-7-95.)
|