reglab/housing_qa huggingface dataset:
215 ILCS 5/173.2
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XI - Reinsurance

 (from Ch. 73, par. 785.2)Sec. 173.2.     Reserve  credit for liability assumed.No credit shall be allowed as an admitted asset or as a deduction from  liability, to any ceding company for reinsurance unless the reinsurance is  payable by the assuming company on the basis of the liability of the ceding  company under the contract or contracts reinsured without diminution  because of the insolvency of the ceding company.    (Source: Laws 1965, p. 1077.)
215 ILCS 5/173.3
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XI - Reinsurance

 (from Ch. 73, par. 785.3)Sec. 173.3.     Payment  by assuming company.(1) No such credit shall be allowed for reinsurance unless the  reinsurance agreement provides that payments by the assuming company shall  be made directly to the ceding company or to its liquidator, receiver, or  statutory successor, except where the contract specifically provides  another payee of such reinsurance in the event of the insolvency of the  ceding company or where the assuming company with the consent of the direct  insured or insureds has assumed such policy obligations of the ceding  company to the payees under such policies and in substitution for the  obligations of the ceding company to such payees.(2) Except as provided in this Section, no assuming company may pay or  settle, or agree to pay or settle, any policy claim, or any portion  thereof, directly to or with a policyholder of any ceding company if an  Order of Rehabilitation or Liquidation has been entered against such ceding  company.    (Source: P.A. 77-1329.)
215 ILCS 5/173.4
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XI - Reinsurance

 (from Ch. 73, par. 785.4)Sec. 173.4.     Assuming  company may defend claims for insolvent ceding company.Such reinsurance agreement may provide that the liquidator or receiver  of an insolvent ceding company shall give written notice of the pendency of  a claim against the insolvent ceding company on the policy or bond  reinsured within a reasonable time after such claim is filed in the  insolvency proceeding and that during the pendency of such claim any  assuming company may investigate such claim and interpose, at its own  expense, in the proceeding where such claim is to be adjudicated any  defense or defenses which it considers available to the ceding company or  its liquidator or receiver. The expense thus incurred by the assuming  company is chargeable against the insolvent ceding company as a part of the  expense of liquidation to the extent of a proportionate share of the  benefit which accrues to the ceding company solely as a result of the  defense undertaken by the assuming company.Where two or more assuming companies are involved in the same claim and  a majority in interest elect to interpose a defense to such claim, the  expense shall be apportioned in accordance with the terms of the  reinsurance agreement as though such expense had been incurred by the  ceding company.    (Source: Laws 1965, p. 1077.)
215 ILCS 5/173.5
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XI - Reinsurance

 (from Ch. 73, par. 785.5)Sec. 173.5.     Crediting of commissions from cancellable reinsurance.Where the parties to a reinsurance contract cancel such contract within  90 days of its effective date without providing for a runoff of the  reinsurance in force at the date of cancellation, credit for commission  shall be allowed on the financial statement of the ceding company only for  that amount of such commission as is actually earned. In the case of any  cancellation of reinsurance contracts involving more than 20% of the ceding  company's premiums in force, the ceding company shall notify the Director  thereof in writing, stating the estimated amount of gross unearned premiums  and return commissions involved.    (Source: Laws 1965, p. 1077.)
215 ILCS 5/174
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XI - Reinsurance

 (from Ch. 73, par. 786)Sec. 174. Kinds of  agreements requiring approval.(1) The following kinds of reinsurance agreements shall not be entered into  by any domestic company unless such agreements are approved in writing by  the Director:(a) Agreements of reinsurance of any such company     transacting the kind or kinds of business enumerated in Class 1 of Section 4, or as a Fraternal Benefit Society under Article XVII, a Mutual Benefit Association under Article XVIII, a Burial Society under Article XIX or an Assessment Accident and Assessment Accident and Health Company under Article XXI, cedes previously issued and outstanding risks to any company, or cedes any risks to a company not authorized to transact business in this State, or assumes any outstanding risks on which the aggregate reserves and claim liabilities exceed 20 percent of the aggregate reserves and claim liabilities of the assuming company, as reported in the preceding annual statement, for the business of either life or accident and health insurance.(b) Any agreement or agreements of reinsurance     whereby any company transacting the kind or kinds of business enumerated in either Class 2 or Class 3 of Section 4 cedes to any company or companies at one time, or during a period of six consecutive months more than twenty per centum of the total amount of its previously retained unearned premium reserve liability.(c) (Blank).(2) An agreement which is not disapproved by the Director within thirty  days after its submission shall be deemed approved.  (Source: P.A. 98-969, eff. 1-1-15.)
215 ILCS 5/174.1
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XI - Reinsurance

 (from Ch. 73, par. 786.1)Sec. 174.1.     Kinds of Agreements Prohibited.     No domestic stock company with  less than $5,000,000 capital and surplus nor domestic mutual or reciprocal company  with less than $5,000,000 surplus may assume as reinsurance any of the kind or  kinds of businesses enumerated in Class 2 or Class 3 of Section 4 of this  Code, except Class 2(a), and except for facultative reinsurance of specific  risks and assumption of risks from companies subject to "An Act  relating to local, mutual district, county and township insurance  companies", approved March 13, 1936, as amended.  If approval of the  Director is obtained prior to the reinsurance  assumption, this prohibition shall not apply to any company organized and  authorized to do business in Illinois between July 1, 1981, and June 30,  1983, until January 1, 1989.    (Source: P.A. 84-671.)
215 ILCS 5/175
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XI - Reinsurance

 (from Ch. 73, par. 787)Sec. 175.         Conditions  for approval.Any reinsurance agreement requiring the written approval of the Director  under section 174 shall be approved by him if the terms thereof do not  injuriously affect the rights of policyholders of any of the companies  which are parties thereto. If the Director refuses to approve any such  agreement, he shall grant the company a hearing upon request.    (Source: Laws 1965, p. 1077.)
215 ILCS 5/176
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XI - Reinsurance

 (from Ch. 73, par. 788)Sec. 176.         Pending  actions.Whenever a company agrees to assume and carry out directly with the  policyholder any of the policy obligations of the ceding company under a  reinsurance agreement, any claim existing or action or proceeding pending  arising out of such policy, by or against the ceding company with respect  to such obligations may be prosecuted to judgment as if such reinsurance  agreement had not been made, or the assuming company may be substituted in  place of the ceding company.    (Source: Laws 1937, p. 696.)
215 ILCS 5/177
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XI - Reinsurance

 (from Ch. 73, par. 789)Sec. 177.         Transfer  of deposits.The provisions of section 170 applicable to the transfer of deposits  of legal reserves on policies of merged or consolidated companies shall  apply to the transfer of deposits of such reserves of a ceding company in  the case of a reinsurance agreement, and for the purposes of determining  the conditions and requirements for such transfer the assuming company  shall be regarded as a surviving or new company and the ceding company  shall be regarded as a company that has been merged or consolidated.    (Source: Laws 1937, p. 696.)
215 ILCS 5/178
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XI - Reinsurance

Sec. 178. (Repealed).        (Source: Laws 1937, p. 696. Repealed by P.A. 98-692, eff. 7-1-14; 98-969, eff. 1-1-15.)
215 ILCS 5/179
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XI - Reinsurance

 (from Ch. 73, par. 791)Sec. 179.         Payment of  fees to officer or director prohibited.(1) No director or officer of any company, party to a reinsurance  agreement, except as fully expressed in the reinsurance agreement, shall  receive any fee, commission, other compensation or valuable consideration  whatever, directly or indirectly, for in any manner aiding, promoting or  assisting in the negotiation of such reinsurance agreement.(2) Any person violating the provisions of this section shall be guilty  of a Class A misdemeanor.    (Source: P.A. 77-2699.)
215 ILCS 5/179a
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XI - Reinsurance

Sec. 179a.     Managing general agent prohibition.(a) No managing general agent, as defined in Section 141a, shall receive any  compensation or remuneration for, or in any manner profit from, obtaining or  arranging reinsurance for a domestic company with respect to business  underwritten by that managing general agent.(b) Any person violating the provisions of this Section is guilty of a Class  A misdemeanor.    (Source: P.A. 88-364.)
215 ILCS 5/179b
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XI - Reinsurance

(215 ILCS 5/179b)Sec. 179b.     Reinsurance committee.     Each domestic company that cedes any  reinsurance must establish and maintain a reinsurance committee with not fewer  than 3 members, at least one of which must be a member of the company's board  of directors.  The committee shall review and approve all treaty reinsurance  placements and review and approve guidelines for facultative placements for the  company, with the  exception of a reinsurance agreement in which the aggregate premium ceded in  any one year is  less than 1% of the company's annual gross written premium.  The committee shall give special attention to reinsurers' financial  strength and performance record.    (Source: P.A. 88-364.)
215 ILCS 5/Art. XI.5 heading
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XI 1/2 - Protected Cell Companies

 ARTICLE XI 1/2.          PROTECTED CELL COMPANIES
215 ILCS 5/179A-1
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XI 1/2 - Protected Cell Companies

Sec. 179A-1.     Short title.     This Article may be cited as the Protected Cell  Company  Law.    (Source: P.A. 91-278, eff. 7-23-99.)
215 ILCS 5/179A-5
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XI 1/2 - Protected Cell Companies

Sec. 179A-5.     Purpose.     This Article is adopted to provide a basis for the  creation of protected cells by a domestic insurer  as one means of accessing alternative sources of capital and achieving the  benefits of insurance securitization.  Investors in fully funded insurance  securitization transactions provide funds that are available to pay the  insurer's insurance obligations or to repay the investors or both.  The  creation of protected cells is intended to be a means to achieve more  efficiencies in conducting insurance securitizations.Under the  terms of the typical debt instrument underlying an insurance securitization  transaction, prepaid  principal is repaid to the investor on a specified maturity date with interest,  unless a trigger event  occurs.  The insurance securitization proceeds secure both the protected  cell company's insurance obligations if a trigger event occurs,  as well as the  protected cell company's obligation to repay the insurance  securitization investors if a trigger event  does not occur. Insurance securitization transactions have  been performed  through alien companies  in order to utilize efficiencies available to alien companies that are not  currently available to  domestic companies.  This Article is adopted in order  to  create more  efficiency in conducting  insurance securitization,  to allow domestic companies easier access   to alternative sources of capital,  and to promote the  benefits of insurance securitization generally.    (Source: P.A. 91-278, eff. 7-23-99; 92-74, eff. 7-12-01.)
215 ILCS 5/179A-10
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XI 1/2 - Protected Cell Companies

Sec. 179A-10.     Definitions."Domestic company" means an insurance company domiciled in the State of  Illinois."Fully funded" means that, with respect to any exposure attributed to a  protected cell, the market value of the protected cell assets, on the date on  which the insurance securitization is effected, equals or exceeds the maximum  possible exposure attributable to the protected cell with respect to those  exposures."General account" means the assets and liabilities of a protected cell  company  other than  protected cell assets and protected cell liabilities."Indemnity trigger" means a transaction term by which relief of  the issuer's  obligation to repay  investors is triggered by its incurring a specified level of  losses under its insurance or  reinsurance contracts."Market value" has the meaning given that term in Article VIII of  this Code  (Investments of Domestic Companies)."Non-indemnity trigger" means a transaction term by which relief of the  issuer's obligation to repay investors is triggered solely by some event or  condition other than the individual protected cell company incurring a  specified level of losses under its insurance or reinsurance contracts."Protected cell" means an identified pool of assets and liabilities of a  domestic company  segregated and insulated by means of this Article from the remainder of the  company's assets  and liabilities."Protected cell account" means a specifically identified bank or custodial  account established by  a protected cell company for the purpose of segregating the  protected cell assets of  one protected cell from the protected cell assets of other protected cells and  from the assets of the  protected cell company's general account."Protected cell assets" means all assets, contract rights, and general  intangibles identified with and attributable to  a  specific protected cell  of a protected cell company."Protected cell company" means a domestic company that has one or more  protected cells."Protected cell company insurance securitization"  means the issuance of debt instruments, the proceeds from which support the  exposures attributed to the protected cell, by a protected cell company where  repayment of principal or interest, or both, to investors pursuant to the  transaction terms is contingent upon the occurrence or nonoccurrence of an  event with respect to which the protected cell company is exposed to loss under  insurance or reinsurance contracts it has issued."Protected cell liabilities" means all liabilities and other obligations  identified with and  attributable to a specific  protected cell of a protected cell company.     (Source: P.A. 91-278, eff. 7-23-99; 92-74, eff. 7-12-01.)
215 ILCS 5/179A-30
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XI 1/2 - Protected Cell Companies

Sec. 179A-30.         Rehabilitation and liquidation of  protected cell companies.(a) Notwithstanding any contrary  provision in this Code, the rules promulgated  under this Code, or any  other applicable law or rule, upon any order of rehabilitation, conservation,  or  liquidation of a protected cell company, the receiver shall be  bound  to deal with the  protected cell company's assets and liabilities, including protected cell  assets and protected  cell liabilities, in  accordance with the requirements set forth in this Article.(b) With respect to amounts recoverable under a protected cell company insurance securitization, the amount  recoverable by the  receiver shall not be reduced or diminished as a result of the entry of an  order of rehabilitation,  conservation, or  liquidation with respect to the protected cell company notwithstanding any  provisions to the  contrary in the contracts or other documentation governing the protected cell company  insurance securitization.    (Source: P.A. 91-278, eff. 7-23-99; 92-74, eff. 7-12-01.)
215 ILCS 5/179A-35
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XI 1/2 - Protected Cell Companies

Sec. 179A-35.     No transaction of an insurance business.     A protected cell insurance securitization shall not  be deemed to be an  insurance or reinsurance contract.  An investor in a protected cell company  insurance securitization shall not, by  sole means of such investment, be deemed to be transacting an insurance  business in this State.  The underwriters or selling agents (and their  partners, directors, officers, members, managers, employees, agents,  representatives, and advisors) involved in a protected cell company insurance  securitization shall not be deemed to be conducting an insurance or reinsurance  agency, brokerage, intermediary, advisory, or consulting business by virtue of  their activities in connection therewith.    (Source: P.A. 91-278, eff. 7-23-99; 92-74, eff. 7-12-01.)
215 ILCS 5/179A-40
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XI 1/2 - Protected Cell Companies

(215 ILCS 5/179A-40)Sec. 179A-40.     Rules.     The Director may promulgate  reasonable rules as may be necessary to effectuate the purposes of this  Article.    (Source: P.A. 91-278, eff. 7-23-99.)
215 ILCS 5/Art. XIE heading
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIE - Special Purpose Reinsurance Vehicle Law

 ARTICLE XIE.      Special Purpose Reinsurance Vehicle Law
215 ILCS 5/179E-1
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIE - Special Purpose Reinsurance Vehicle Law

Sec. 179E-1.     Short title.     This Article may be cited as the Special Purpose  Reinsurance Vehicle Law.    (Source: P.A. 92-124, eff. 7-20-01.)
215 ILCS 5/179E-5
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIE - Special Purpose Reinsurance Vehicle Law

Sec. 179E-5.     Purpose.     This Article is adopted to provide for the creation  of  Special  Purpose Reinsurance Vehicles ("SPRV") exclusively to facilitate the  securitization of one  or more ceding insurers' risk as a means of accessing alternative sources of  capital and  achieving the benefits of securitization.  Investors in fully funded insurance  securitization  transactions provide funds that are available to the SPRV to secure the  aggregate limit under  an SPRV contract that provides coverage against the occurrence of a triggering  event.  The  creation of SPRVs is intended to achieve greater efficiencies in conducting  insurance  securitizations, to diversify and broaden insurers' access to sources of risk  bearing capital,  and to make insurance securitization generally available on reasonable terms to  as many  U.S. insurers as possible.Under the terms of the typical securities underlying an insurance  securitization  transaction, proceeds from the issuance of securities are repaid to the  investor on a specified  maturity date with interest or dividends unless a triggering event occurs.  The  insurance  securitization proceeds are available to pay the SPRV's obligations to the  ceding insurer if  the triggering event occurs, as well as being available to satisfy the SPRV's  obligation to  repay the insurance securitization investors if a triggering event does not  occur.  Insurance  securitization transactions have been performed by alien companies to utilize  efficiencies  available to those alien companies that are not currently available to domestic  companies.  This Article is adopted to allow more efficiency in conducting insurance  securitizations, to  allow ceding insurers easier access to alternative sources of risk  bearing capital,  and to promote the benefits of insurance securitization to U.S. insurers.    (Source: P.A. 92-124, eff. 7-20-01.)
215 ILCS 5/179E-10
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIE - Special Purpose Reinsurance Vehicle Law

Sec. 179E-10.     Exemption from insurance laws within limitations.(a) An SPRV is subject to the following:(1) Articles I, XII 1/2, XXIV, XXV (Sections 408 and     412 only), and XXVIII (except for Sections 445, 445.1, 445.2, 445.3, 445.4, and 445.5) of this Code; and(2) Sections 132.1 through 134, 137 through 140,     155.01, 155.03, and 155.04 of this Code.(b) No other provisions of this Code apply to an SPRV organized under this  Article,  except as otherwise provided in this Article.    (Source: P.A. 92-124, eff. 7-20-01.)
215 ILCS 5/179E-25
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIE - Special Purpose Reinsurance Vehicle Law

Sec. 179E-25.     Limited purpose of SPRV.     This Article authorizes SPRVs to be  created for the limited purpose of entering into insurance securitization  transactions with  investors and into related agreements to pay one or more ceding insurers agreed  upon  amounts under an SPRV contract upon the occurrence of triggering events related  to the  insurance business of the ceding insurer. An SPRV may not issue a contract for  assumption  of risk or indemnification of loss other than an SPRV contract as defined  herein.    (Source: P.A. 92-124, eff. 7-20-01.)