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(215 ILCS 5/123C-11) (from Ch. 73, par. 735C-11)
(Section scheduled to be repealed on January 1, 2027)
Sec. 123C-11. Grounds and procedures for suspension
or revocation of certificate of authority. A. The certificate of authority of a captive insurance
company to do an insurance business in this State may
be suspended or revoked by the Director for any of the
following reasons:
(1) insolvency or impairment of required capital or |
| surplus to policy holders;
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(2) failure to meet the requirements of Sections
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(3) refusal or failure to submit an annual report, as
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| required by Section 123C-9, or any other report or statement required by law or by lawful order of the Director;
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(4) failure to comply with the provisions of its own
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| charter or bylaws (or, in the case of an industrial insured captive, with the provisions of the investment policy set forth in its plan of operation as approved from time to time by the Director);
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(5) failure to submit to examination or any legal
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| obligation relative thereto, as required by Section 123C-10;
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(6) refusal or failure to pay expenses, charges, and
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| taxes as required by Sections 408, 409, 123C-10, and 123C-17;
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(7) use of methods that, although not otherwise
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| specifically prohibited by law, nevertheless render its operation detrimental or its condition unsound with respect to the public or to its policyholders; or
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(8) failure otherwise to comply with the laws of this
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B. If the Director finds, upon examination, hearing,
or other evidence, that any captive insurance company
has committed any of the acts specified in subsection A,
he may suspend or revoke such certificate of authority
if he deems it in the best interest of the public and
the policyholders of such captive insurance company,
notwithstanding any other provision of this Article.
C. The provisions of Articles XIII and XIII 1/2 shall
apply to and govern the conservation, rehabilitation,
liquidation and dissolution of captive insurance companies.
(Source: P.A. 100-1118, eff. 11-27-18.)
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