reglab/housing_qa huggingface dataset:
215 ILCS 5/123B-8
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIIB - Risk Retention Companies

 (from Ch. 73, par. 735B-8)(Section scheduled to be repealed on January 1, 2027)Sec. 123B-8.     Notice and registration requirements  of purchasing groups.A. A purchasing group that intends to do business  in this State shall, prior to doing business, furnish  notice to the Director, on a form prescribed by the Director, that shall:(1) identify the state in which the group is     domiciled;(2) specify the lines and classifications of     liability insurance which the purchasing group intends to purchase;(3) identify the insurance company from which the     group intends to purchase its insurance and the domicile of such company;(4) specify the method by which, and the person or     persons, if any, through whom insurance will be offered to its members whose risks are resident or located in this State;(5) identify the principal place of business of the     group;(6) identify all other states in which the group     intends to do business; and(7) provide such other information as may be required     by the Director to verify that the purchasing group is qualified under subsection (10) of Section 123B-2 of this Article.B. A purchasing group shall, within 10 days, notify the Director of any  changes in any item set forth in subsection A of this Section.C. The purchasing group shall register with and designate  the Director as its agent solely for the purpose of  receiving service of legal documents or process, for  which a filing fee of $100 payable to the Director shall  be required, except that such requirements shall not  apply in the case of a purchasing group:(1) which in any state of the United States:(a) was domiciled before April 2, 1986; and(b) is domiciled on and after October 27, 1986,         in any state of the United States;(2) which:(a) before October 27, 1986, purchased insurance         from an insurance carrier licensed in any state; and(b) since October 27, 1986, purchased its         insurance from an insurance carrier licensed in any state;(3) which was a purchasing group under the     requirements of the Product Liability Risk Retention Act of 1981 before October 27, 1986; and(4) which does not purchase insurance that was not     authorized for purposes of an exemption under that Act, as in effect before October 27, 1986.D. Any purchasing group which was doing business in  this State prior to August 3, 1987, shall,  within 30 days after that date, furnish notice to the Director pursuant to  the provisions of subsection A of this Section and furnish  such information as may be required pursuant to subsection B  of this Section.    (Source: P.A. 87-1090.)
215 ILCS 5/123B-9
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIIB - Risk Retention Companies

 (from Ch. 73, par. 735B-9)(Section scheduled to be repealed on January 1, 2027)Sec. 123B-9.     Restrictions on insurance purchased by purchasing groups.A. A purchasing group may not purchase insurance from  a risk retention group that is not organized in a state  or from an insurer not admitted in the state in which  the purchasing group is located, unless the purchase  is effected through a licensed surplus line producer acting  pursuant to the surplus  lines laws and regulations of such state.B.  No purchasing group may offer insurance policy  coverage prohibited by this Code or declared unlawful  by the Illinois Supreme Court.C.  A purchasing group which obtains liability insurance  from an insurer not admitted in this State or a risk  retention group shall inform each of the members of  such group which has a risk resident or located in this  State that such risk is not protected by an insurance  insolvency guaranty fund in this State, and that such  risk retention group or such insurer may not be subject  to all insurance laws and regulations of this State.D. No purchasing group may purchase insurance providing for a deductible  or an aggregate limit unless the deductible or aggregate limit applies  separately to each individual member of the purchasing group.    (Source: P.A. 85-131.)
215 ILCS 5/123B-10
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIIB - Risk Retention Companies

 (from Ch. 73, par. 735B-10)(Section scheduled to be repealed on January 1, 2027)Sec. 123B-10.     Administrative and procedural authority  regarding risk retention groups and purchasing groups.   The Director is authorized to make use of any of the  powers established under this Code to enforce the laws  of this State so long as those powers are not specifically  preempted by the Product Liability Risk Retention Act  of 1981, as amended by the Risk Retention Amendments  of 1986.  This includes, but is not limited to, the  Director's administrative authority to investigate,  issue subpoenas, conduct depositions and hearings, issue  orders (including without limitation orders pursuant  to Article XII 1/2 and Section 401.1), and impose penalties.   With regard to any investigation, administrative proceedings,  or litigation, the Director can rely on the procedural  law and regulations of this State.    (Source: P.A. 85-131.)
215 ILCS 5/123B-12
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIIB - Risk Retention Companies

 (from Ch. 73, par. 735B-12)(Section scheduled to be repealed on January 1, 2027)Sec. 123B-12.     Binding effect of orders issued in  U.S. District Court. An order issued by any United States District Court  enjoining a risk retention group from soliciting or  selling insurance, or operating, in any state (or in  all states or in any territory or possession of the  United States) upon a finding that such a group is in  a hazardous financial condition or financially impaired condition shall be  enforceable in the courts of this State.    (Source: P.A. 85-131.)
215 ILCS 5/123B-13
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIIB - Risk Retention Companies

 (from Ch. 73, par. 735B-13)(Section scheduled to be repealed on January 1, 2027)Sec. 123B-13.     Rules and regulations.     The Director may establish and from time to time amend  such rules relating to risk retention groups as may  be necessary or desirable to carry out the provisions  of this Article.    (Source: P.A. 85-131.)
215 ILCS 5/123B-14
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIIB - Risk Retention Companies

(215 ILCS 5/123B-14) (from Ch. 73, par. 735B-14)(Section scheduled to be repealed on January 1, 2027)Sec. 123B-14.     Severability.     If any clause, sentence, paragraph,  Section or part of this Article or the application thereof to any person or  circumstances, shall, for any reason, be adjudged by any court of competent  jurisdiction to be invalid, such judgment shall not affect, impair or  invalidate the remainder of this Article, and the application thereof to  other persons or circumstances, but shall be confined in its operation to  the clause, sentence, paragraph, Section or part thereof directly involved  in the controversy in which such judgment shall have been rendered and to  the person or circumstances involved.    (Source: P.A. 85-131.)
215 ILCS 5/Art. VIIC heading
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIIC - Domestic Captive Insurance Companies

 ARTICLE VIIC.      DOMESTIC CAPTIVE INSURANCE COMPANIES (Article scheduled to be repealed on January 1, 2027)
215 ILCS 5/123C-2
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIIC - Domestic Captive Insurance Companies

 (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;(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     extent allowed in subsection A-10.A-10.   A captive insurance company is authorized to issue a contractual reimbursement policy to:(1)     the parent company or an affiliated certified     self-insurer authorized under the Workers' Compensation Act or a similar affiliated entity expressly authorized by analogous laws of another state; or(2)    the parent company or an affiliate that is     insured by a workers' compensation insurance policy with a negotiated deductible endorsement.B. No captive insurance company shall do any insurance  business in this State unless:(1) it first obtains from the Director a certificate     of authority authorizing it to do such insurance business in this State; and(2) it appoints a resident registered agent to accept     service of process and to otherwise act on its behalf in this State.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.)
215 ILCS 5/123C-3
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIIC - Domestic Captive Insurance Companies

 (from Ch. 73, par. 735C-3)(Section scheduled to be repealed on January 1, 2027)Sec. 123C-3. Minimum capital and surplus.A. The Department may not issue a certificate of authority to a captive insurance company unless the company possesses and maintains unencumbered capital and surplus in an amount determined by the Director after considering:(1)    the amount of premium written by the captive     insurance company;(2)    the characteristics of the assets held by the     captive insurance company;(3)    the terms of reinsurance arrangements entered     into by the captive insurance company;(4)    the type of business covered in policies     issued by the captive insurance company;(5)    the underwriting practices and procedures of     the captive insurance company; and(6)    any other criteria that has an impact on the     operations of the captive insurance company determined to be significant by the Director.B. The amount of capital and surplus determined by the Director under subsection A of this Section may not be less than $250,000 for a pure captive insurance company, $500,000 for an industrial insured captive insurance company, and $750,000 for an association captive insurance company.C.    The capital and surplus required by subsection A of this Section must be in the form of:(1)    United States currency;(2)    an irrevocable letter of credit, in a form     approved by the Director and not secured by a guarantee from an affiliate, naming the Director as beneficiary for the security of the captive insurance company's policyholders and issued by a bank approved by the Director;(3)    bonds of this State; or(4)    bonds or other evidences of indebtedness of     the United States, the principal and interest of which are guaranteed by the United States. (Source: P.A. 100-1118, eff. 11-27-18.)
215 ILCS 5/123C-4
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIIC - Domestic Captive Insurance Companies

Sec. 123C-4. (Repealed).        (Source: 86-632. Repealed by P.A. 100-1118, eff. 11-27-18.)
215 ILCS 5/123C-6
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIIC - Domestic Captive Insurance Companies

 (from Ch. 73, par. 735C-6)(Section scheduled to be repealed on January 1, 2027)Sec. 123C-6.     Change in plan of operation; violations.     Any material change in items (i) through (v)  of the captive insurance company's plan of operations  described in subparagraph (c) of paragraph (1) of subsection F of Section  123C-5 requires prior approval  of the Director.  Any material change which is not disapproved  by the Director within 30 days after its submission  shall be deemed approved.  The provisions of Sections 401.1  and 403A shall apply to a captive insurance company's  material failure to adhere to items (i) through  (v) of its plan of operations described in subparagraph (c) of paragraph  (1) of subsection F of Section 123C-5  (to the same extent and in the same manner as if such  failure were a violation of this Code).    (Source: P.A. 85-131.)
215 ILCS 5/123C-7
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIIC - Domestic Captive Insurance Companies

 (from Ch. 73, par. 735C-7)(Section scheduled to be repealed on January 1, 2027)Sec. 123C-7.     Directors - conflicts of interest.A. The provisions of Section 10 shall apply to stock  captive insurance companies and all those having dealings  therewith and the provisions of Section 40 shall apply  to mutual captive insurance companies and all those  having dealings therewith; provided that no residents  or citizens of this State need be directors.  No director  may serve who has been convicted of fraud involving  any financial institution or of a felony.  The Director  may waive the prohibition regarding a felony if he determines  that the particular felony does not jeopardize the person's  ability to act as a director.B.  Every captive insurance company shall report to  the Director within 30 days after any change in  its executive officers or directors, including in its  report a statement of the business and professional  affiliations of any new executive officer or director.  For purposes of this subsection B, the term "executive  officer" includes only the following: chairman of the  board of directors; president; executive or senior vice-president;  secretary; and treasurer.C. No director, officer, or employee having any authority  in the investment or disposition of the funds of a captive  insurance company shall accept, except on behalf of  the company, or be the beneficiary of, any fee, brokerage,  gift, or other emolument because of any investment,  loan, deposit, purchase, sale, payment, or exchange  made by or for the company; but a director who is not  otherwise an officer or employee of the company may  receive reasonable compensation for services performed  for sales or purchases made to or for the company in  the ordinary course of its business and in the usual  private professional or business capacity of such director.D. Any profit or gain received by or on behalf of any  person in violation of subsection C of this Section  shall inure to and be recoverable by the company.  A  suit to recover such profit may be instituted in any  court of competent jurisdiction by the company, or by  any stockholder of the company in its name and on its  behalf if the company fails or refuses to bring such  suit within 60 days after request in writing or if  the company fails diligently to prosecute the same  thereafter.  No such suit shall be brought more than  2 years after the date such profit or gain was discovered.    (Source: P.A. 85-131.)
215 ILCS 5/123C-8
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIIC - Domestic Captive Insurance Companies

 (from Ch. 73, par. 735C-8)(Section scheduled to be repealed on January 1, 2027)Sec. 123C-8.     Merger, consolidation, plans of exchange  and reorganization.A. The provisions of Article X shall apply to captive  insurance companies; provided, however, that:(1) if the surviving or new company is to be a     domestic captive insurance company,(a) the Director shall, in determining whether         such company meets the requirements set forth in paragraph (b) of subsection (2) of Section 162, refer only to the provisions of this Article VIIC and the other provisions of Article X;(b) the Director shall, in determining whether         such company meets the requirements of Sections 123C-3 and 123C-4, take into account the capital and surplus of the company to be merged into the domestic captive insurance company or the companies to be consolidated into the domestic captive insurance company (but any approval by the Director of such merger or consolidation shall be contingent upon the receipt of such capital and surplus by the domestic captive insurance company and satisfactory evidence thereof being presented to the Director);(c) notwithstanding the provisions of paragraph         (c) of subsection (1) of Section 166, such surviving or new company shall have all of the rights, privileges, immunities and powers and shall be subject to all of the duties and liabilities granted or imposed by this Article VIIC (and not by the entire Code); and(2) in the event that such merger or consolidation is     to be effected in conjunction with the formation and licensing of a new domestic captive insurance company in this State, the Director shall follow procedures for the contemporaneous and expeditious review of the materials presented to the Director for his approval of such formation, licensing and merger or consolidation.B. (1) Any domestic, foreign or alien stock company,  mutual company, or reciprocal company, authorized or  which may be authorized to do business in this State,  may reorganize as a domestic captive insurance company  under the laws of this State, by complying with the  provisions of Article XII.  Domestic companies are hereby  authorized to reorganize as domestic captive insurance  companies.(2) In the event that such reorganization is to be     effected in conjunction with the formation and licensing of a new captive insurance company in this State, the Director shall follow procedures for the contemporaneous and expeditious review of the materials presented to the Director for his approval of such formation, licensing and reorganization.   (Source: P.A. 85-131.)
215 ILCS 5/123C-10
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIIC - Domestic Captive Insurance Companies

 (from Ch. 73, par. 735C-10)(Section scheduled to be repealed on January 1, 2027)Sec. 123C-10.     Examinations and investigations;  fees.A.  The provisions of Sections 132 through 132.7 shall  apply to captive  insurance companies.  The expenses and charges of any  examination conducted pursuant to those Sections shall  be paid by the company examined.B.  When necessary to supplement its evaluation or examination  procedures, the Department may retain independent actuaries  deemed competent by the Director, qualified loss  reserve consultants, independent risk managers,  independent certified public accountants, or  qualified examiners of insurance companies deemed competent  by the Director, or any combination of the foregoing.  The Director may  also accept as a part of the Department's examination of any company  or person (a) a report by an independent actuary deemed  competent by the Director or (b) a report of an audit  made by an independent certified public accountant.  Neither those persons so designated nor any members  of their immediate families shall be officers of,  connected with, or financially interested in any company  other than as policyholders, nor shall they be financially  interested in any other corporation or person affected  by the examination, investigation or hearing.  The reasonable  expenses and charges of persons so retained or  designated shall be paid directly by the company.    (Source: P.A. 89-97, eff. 7-7-95.)
215 ILCS 5/123C-11
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIIC - Domestic Captive Insurance Companies

 (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;(2) failure to meet the requirements of Sections     123C-3 or 123C-4;(3) refusal or failure to submit an annual report, as     required by Section 123C-9, or any other report or statement required by law or by lawful order of the Director;(4) failure to comply with the provisions of its own     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);(5) failure to submit to examination or any legal     obligation relative thereto, as required by Section 123C-10;(6) refusal or failure to pay expenses, charges, and     taxes as required by Sections 408, 409, 123C-10, and 123C-17;(7) use of methods that, although not otherwise     specifically prohibited by law, nevertheless render its operation detrimental or its condition unsound with respect to the public or to its policyholders; or(8) failure otherwise to comply with the laws of this     State.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.)
215 ILCS 5/123C-12
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIIC - Domestic Captive Insurance Companies

 (from Ch. 73, par. 735C-12)(Section scheduled to be repealed on January 1, 2027)Sec. 123C-12. Legal investments.A. The provisions of Article VIII and of Sections 131.2  and 131.3 shall apply to association captive insurance  companies.B.  No pure captive insurance company or industrial  insured captive insurance company shall be subject to  any restrictions on allowable investments whatever,  including those limitations contained in Articles VIII  and VIII 1/2; provided, however, that the Director  may prohibit or limit any investment or type of investment  that threatens the solvency or liquidity of any such  company; and provided further that an industrial insured  captive insurance company must adhere to the investment  policy set forth in its plan of operation as approved  from time to time by the Director.C.     A captive insurance company may make loans to its affiliates with the prior approval of the Director.  Each loan must be evidenced by a note approved by the Director.  A captive insurance company may not make a loan of the minimum capital and surplus funds required by this Article.D.    The Director may prohibit or limit an investment that threatens the solvency or liquidity of a captive insurance company. (Source: P.A. 100-1118, eff. 11-27-18.)