(215 ILCS 5/83) (from Ch. 73, par. 695)
(Section scheduled to be repealed on January 1, 2027)
Sec. 83.
Procedure
when insufficient assets are possessed by reciprocal.
(1) Whenever the Director finds that the admitted assets in excess of
all liabilities of a reciprocal are less than the amount required by
subsection (2) of Section 66, the Director shall proceed in the manner
set forth as provided in Section 60 applicable to mutual companies and
the reciprocal, its attorney-in-fact or any officers thereof, shall be
subject to the same requirements and penalties in such Section provided.
Nothing contained in this paragraph shall be construed to limit or restrict
the authority of any liquidator, conservator or rehabilitator acting under
the provisions of Article XIII or XIII 1/2 of this Act.
(2) The attorney-in-fact of any such reciprocal may repair such
deficiency within the period designated by the Director, by advancing the
amount or any part thereof, at an interest rate not exceeding 7% per annum.
The funds so advanced shall not be treated as a liability of such
reciprocal and such advance including interest thereon shall be repaid only
out of the surplus funds of the reciprocal in excess of the amount required
by Section 66.
(Source: Laws 1965, p. 2630 .)
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