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(215 ILCS 5/60d) (from Ch. 73, par. 672d)
Sec. 60d.
Withdrawal of Trusteed Assets.
(1) The trust agreement
shall provide that no withdrawals of Trusteed Assets shall be made by the
alien company or permitted by the trustee or trustees without the prior
approval of the Director, except as follows:
(a) Any or all income, earnings, dividends, or interest accumulations of
the Trusteed Assets may be paid over to the United States branch of the
alien company upon request of the company or its manager, provided that no
withdrawal shall be made that reduces the Trusteed Assets below the amount
required by Section 60b.
(b) For the purpose of substituting other assets authorized for
investment by Article VIII and at least equal in value (as reflected in
the most recent financial statement on file with the Director) to those
being withdrawn, if such withdrawal is requested in writing by the alien
company's (i) United States manager or (ii) other United States
representative pursuant to general or specific written authority previously
given or delegated by the alien company's board of directors or other
similar governing body, and a copy of such authority has been filed with
the trustee or trustees.
(c) For the purpose of making deposits required by law in any state for
the protection of the alien company's policyholders in the United States.
The trustee or trustees shall transfer any assets so withdrawn, and in the
amount so required to be deposited in the other state, directly to the
depository required to receive such deposit in such other state.
(d) For the payment of obligations due from the United States branch of
the alien company to policyholders in the United States, provided that no
withdrawal shall be made that reduces the Trusteed Assets below the amount
required by Section 60b.
(e) For the purpose of withdrawing any amount of the Trusteed Assets in
excess of the amount required by Section 60b, as determined by the alien
company's then most current annual statement on file with the Director.
(f) For the purpose of transferring the Trusteed Assets to an appointed
liquidator, conservator, or rehabilitator pursuant to the order of a court
of competent jurisdiction.
(2) If at any time the alien company becomes insolvent, or if its
Trusteed Assets are less than required under Section 60b, the Director
shall in writing order the trustee to suspend the right of the alien
company or any other person to withdraw assets as otherwise authorized
under paragraphs (a), (b), (c), (d) and (e) of subsection (1); and the
trustee shall comply with such order until otherwise ordered by the Director.
(Source: P.A. 85-1373.)
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