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(215 ILCS 5/123C-2) (from Ch. 73, par. 735C-2)
(Section scheduled to be repealed on January 1, 2027)
Sec. 123C-2. Authority of captives; restrictions.
A. (Blank).
A-5. A captive insurance company may not issue: (1) life insurance; (2) annuities; (3) accident and health insurance for the |
| company's parent and affiliates, except to insure employee benefits that are subject to the federal Employee Retirement Income Security Act of 1974 or, to the extent the parent company is a college or university, an accident or health plan offered to enrolled students of the college or university;
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(4) title insurance;
(5) mortgage guaranty insurance;
(6) financial guaranty insurance;
(7) homeowner's insurance coverage;
(8) personal automobile insurance; or
(9) workers' compensation insurance, except to the
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| extent allowed in subsection A-10.
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A-10. A captive insurance company is authorized to issue a contractual reimbursement policy to:
(1) the parent company or an affiliated certified
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| self-insurer authorized under the Workers' Compensation Act or a similar affiliated entity expressly authorized by analogous laws of another state; or
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(2) the parent company or an affiliate that is
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| insured by a workers' compensation insurance policy with a negotiated deductible endorsement.
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B. No captive insurance company shall do any insurance
business in this State unless:
(1) it first obtains from the Director a certificate
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| of authority authorizing it to do such insurance business in this State; and
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(2) it appoints a resident registered agent to accept
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| service of process and to otherwise act on its behalf in this State.
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C. No captive insurance company shall adopt a name
that is the same as, deceptively similar to, or likely
to be confused with or mistaken for, any other existing
business name registered in this State.
D. Each captive insurance company, or the organizations
providing the principal administrative or management
services to such captive insurance company, shall maintain
a place of business in this State.
(Source: P.A. 100-1118, eff. 11-27-18.)
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