reglab/housing_qa huggingface dataset:
215 ILCS 5/179E-35
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIE - Special Purpose Reinsurance Vehicle Law

Sec. 179E-35.     Powers.(a) An SPRV authorized under this Article shall have the necessary  powers to enter  into contracts and to conduct such other commercial activities as are necessary  to fulfill the  purposes of this Article.  Those activities may include, but are not limited  to, entering into  SPRV contracts, issuing securities of the SPRV and complying with the terms  thereof,  entering into trust, swap, and other agreements as may be necessary to  effectuate an  insurance securitization in compliance with the limitations and pursuant to the  authorities  granted to the SPRV under this Article or the plan of operation approved or  deemed  approved by the Director.(b) An SPRV organized or doing business under this Article shall, by the  name  adopted by the SPRV, in law, be capable of suing or being sued, and may make or  enforce  contracts in relation to the business of the SPRV; may have and use a common  seal, and in  the name of the SPRV or by a trustee chosen by the board of directors, shall,  in law, be  capable of taking, purchasing, holding and disposing of real and personal  property for  carrying into effect the purposes of its organization; and may by its board of  directors,  trustees, officers, or managers, make by-laws and amendments thereto not  inconsistent with  the laws or the constitution of this  State or of the United States, which  by-laws shall define  the manner of electing directors, trustees, or managers and officers of the  SPRV, together  with their qualifications and duties and fixing their term of office.    (Source: P.A. 92-124, eff. 7-20-01.)
215 ILCS 5/179E-40
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIE - Special Purpose Reinsurance Vehicle Law

Sec. 179E-40.     Affiliation.     Notwithstanding the provisions  of Article  VIII 1/2, the SPRV, the SPRV organizer, and subsequent debt or equity  investors in SPRV  securities shall not be deemed affiliates of the ceding insurer by virtue of  the SPRV contract  between the ceding insurer and the SPRV, the securities of the SPRV, or related  agreements  necessary to implement the SPRV insurance securitization.  An SPRV may not be controlled by, may not control, and may not be under common  control with any ceding insurer that is a party to an SPRV contract.    (Source: P.A. 92-124, eff. 7-20-01.)
215 ILCS 5/179E-45
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIE - Special Purpose Reinsurance Vehicle Law

Sec. 179E-45.     Capitalization.     An SPRV must have minimum initial capital of  not  less than $5,000.  All of the initial capital must be received by the SPRV in  cash.  The  minimum initial capital required and all other funds of the SPRV in excess of  its minimum  initial capital, including funds held in trust to secure the obligations of the  SPRV pursuant to  its obligations under the SPRV contracts, shall be invested as provided in  Section 179E-85.    (Source: P.A. 92-124, eff. 7-20-01.)
215 ILCS 5/179E-50
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIE - Special Purpose Reinsurance Vehicle Law

Sec. 179E-50.     Dividends.     An SPRV may not declare or pay dividends in any  form  to its owners unless the dividends do not decrease the capital of the SPRV  below $5,000,  and after giving effect to the dividends, the assets of the SPRV, including  assets held in trust  pursuant to the terms of the insurance securitization, are sufficient to meet  its obligations.  Dividends may be declared by the board of directors of the SPRV if the  declaration of  dividends would not violate the provisions of this Article or jeopardize the  fulfillment of the  obligations of the SPRV or the trustee pursuant to the SPRV insurance  securitization, the  SPRV contract or any related transaction.    (Source: P.A. 92-124, eff. 7-20-01.)
215 ILCS 5/179E-55
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIE - Special Purpose Reinsurance Vehicle Law

Sec. 179E-55.     Records and financial reports.(a) The records of the SPRV must be maintained in this State and must be  available  for examination by the Department.  The Director shall have the right to  examine the  records of an SPRV at any time.  No later than 5 months after the fiscal year  end of the  SPRV, the SPRV must file with the Director an audit by a certified public  accounting firm  of the financial statements of the SPRV and the trust accounts.(b) No later than March 1 of each year, an SPRV organized under this Article  must  file with the Director a statement of operations, including, but not limited  to, a statement of  income, a balance sheet, and a detailed listing of invested assets, including  identification of  assets held in trust to secure the SPRV's obligations under the SPRV contract,  for the year  ending the previous December 31.  The statements shall be prepared in  accordance with  Section 136 of this Code on such forms and shall reveal such information as  shall be  required by the Director.(c) An SPRV must keep its books and records in a manner so that its  financial  condition, affairs, and operations can be ascertained, its financial statements  filed with the  Director can be readily verified, and its compliance with the provisions of  this Article can be  determined. An SPRV may cause any or all of the books or records to be  photographed,  reproduced on film, or stored and reproduced electronically.(d) All original books, records, documents, accounts, and vouchers, or  reproductions  of those items, must be preserved and kept available in this State for the  purpose of  examination and until authority to destroy or otherwise dispose of the records  is secured  from the Director. The original records may, however, be kept and maintained  outside this  State if, according to a plan adopted by the SPRV's board of directors and  approved by the  Director, it maintains  other suitable records.    (Source: P.A. 92-124, eff. 7-20-01.)
215 ILCS 5/179E-60
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIE - Special Purpose Reinsurance Vehicle Law

Sec. 179E-60.     Officers and directors.(a) The directors of an SPRV shall elect such officers they deem necessary  to  carry  out the purposes of the SPRV pursuant to this Article.  The provisions of  Section 10 of this  Code relating to the indemnification of officers and directors apply to and  govern SPRVs  organized under this Article.(b) An SPRV authorized to do business in this State must notify the Director  of  the  appointment or election of any new officers or directors within 30 days after  the  appointment or election.(c) If, after notice and hearing afforded to the officer or director, and  after  a finding  that the officer or director is incompetent or untrustworthy or of known bad  character, the  Director shall order the removal of the person. If the SPRV does not comply  with a removal  order within 30 days, the Director may suspend that SPRV's limited certificate  of authority  until such time as the order is complied with.(d) An SPRV may not make loans to any SPRV organizer, owner, director,  officer, manager, or affiliate.    (Source: P.A. 92-124, eff. 7-20-01.)
215 ILCS 5/179E-65
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIE - Special Purpose Reinsurance Vehicle Law

Sec. 179E-65.     Fees and taxes.     The Director may charge fees to reimburse  the  Director for expenses and costs incurred by the Department incident to the  examination of  financial statements and review of the plan of operation and to reimburse other  such  activities of the Director related to the formation and ongoing operation of an  SPRV. An  SPRV is not be subject to State premium or other State taxes incidental to the  operation of  its business as long as the business remains within the limitations of this  Article.    (Source: P.A. 92-124, eff. 7-20-01.)
215 ILCS 5/179E-70
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIE - Special Purpose Reinsurance Vehicle Law

Sec. 179E-70.     Dissolution.     An SPRV operating under this Article may be  dissolved  by a vote of its board of directors at any time after the Director has approved  that action.  A  voluntary dissolution may not be effected or allowed until and unless all of  the obligations  of the SPRV pursuant to the insurance securitization have been fully and  finally satisfied  pursuant to their terms.  In the case of voluntary dissolution, the disposition  of the affairs of  the SPRV (including the settlement of all outstanding obligations) shall be  made by the  officers or directors of the SPRV, and when the liquidation has been completed  and a final  statement, in acceptable form, filed with and approved, or deemed approved, by  the  Director, the provisions for voluntary dissolution under the laws of this State  shall be  followed to dissolve the SPRV.    (Source: P.A. 92-124, eff. 7-20-01.)
215 ILCS 5/179E-80
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIE - Special Purpose Reinsurance Vehicle Law

Sec. 179E-80.         SPRV not subject to guaranty funds, residual market, or  similar  arrangements.(a) An SPRV or the activities, assets, and obligations relating to the SPRV  are  not  subject to the provisions of Articles XXXIII 1/2 and XXXIV of this Code, and  an SPRV may  not be assessed by or otherwise be required to contribute to any guaranty fund  or guaranty  association in this State with respect to the activities, assets, or  obligations of an SPRV or  the ceding insurer.(b) An SPRV may not be required to participate in residual market, FAIR  plan, or  other similar plans to provide insurance coverage, take out policies, assume  risks, make  capital contributions, pay or be otherwise obligated for assessments,  surcharges, or fees, or  otherwise support or participate in such plans or arrangements.    (Source: P.A. 92-124, eff. 7-20-01.)
215 ILCS 5/179E-85
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIE - Special Purpose Reinsurance Vehicle Law

Sec. 179E-85.     Asset and investment limitations.(a) Assets of the SPRV held in trust to secure obligations under the SPRV  contract  must at all times be held in:(1) cash and cash equivalents;(2) securities listed by the Securities Valuation     Office of the NAIC and qualifying as admitted assets under statutory accounting convention in its state of domicile; and(3) any other form of security acceptable to the     Director.(b) An SPRV may enter into swap agreements or other transactions that have  the  objective of leveling timing differences in funding of up-front or ongoing  transaction  expenses or managing credit or interest rate risk of the investments in the  trust to ensure that  the investments are sufficient to assure payment or repayment of:(1) the securities (and related interest or principal     payments) issued pursuant to an SPRV insurance securitization transaction; or(2) the SPRV's obligations under the SPRV contract.    (Source: P.A. 92-124, eff. 7-20-01.)
215 ILCS 5/179E-90
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIE - Special Purpose Reinsurance Vehicle Law

Sec. 179E-90.     Credit for reinsurance for the SPRV contract.     An SPRV contract meeting the requirements under this Article shall be  granted credit for reinsurance treatment or shall otherwise qualify as an asset  or a reduction  from liability for reinsurance ceded by a domestic insurer to an assuming  insurer under  Section 173.1 of this Code for the benefit of the ceding insurer, provided and  only to the  extent that (i) the fair value of the assets held in trust for the benefit of  the ceding insurer  equal or exceed the obligations due and payable to the ceding insurer by the  SPRV under the  SPRV contract, (ii) the assets are held in trust in accordance with the  requirements set forth  in this Article, (iii)  the assets are administered in the manner and pursuant  to arrangements  as set forth in this Article, and (iv) the assets are held or invested in one  or more of the  forms allowed in Section 179E-85.    (Source: P.A. 92-124, eff. 7-20-01.)
215 ILCS 5/179E-95
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIE - Special Purpose Reinsurance Vehicle Law

Sec. 179E-95.         Insurance securitization deemed not to be transaction of  insurance  business. The securities issued by the SPRV under an SPRV insurance  securitization shall  not be deemed to be insurance or reinsurance contracts. An investor in  securities issued  pursuant to an SPRV insurance securitization or any holder of those securities  shall not, by  sole means of the investment or holding, 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 an SPRV  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. 92-124, eff. 7-20-01.)
215 ILCS 5/179E-100
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIE - Special Purpose Reinsurance Vehicle Law

(215 ILCS 5/179E-100)Sec. 179E-100.     Authority to adopt rules.     The Director may promulgate rules  necessary to effectuate the purposes of this Article.  Any rules so promulgated  will not  affect any existing SPRV insurance securitization in effect at the time of the  promulgation.    (Source: P.A. 92-124, eff. 7-20-01.)
215 ILCS 5/Art. XII heading
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XII - Domestication Of Foreign And Alien Companies

 ARTICLE XII.      DOMESTICATION OF FOREIGN AND ALIEN COMPANIES
215 ILCS 5/180
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XII - Domestication Of Foreign And Alien Companies

 (from Ch. 73, par. 792)Sec. 180.     Companies that may domesticate.(1) Any domestic, foreign, or alien stock company, mutual company,  assessment legal reserve company, reciprocal, or fraternal benefit  society, authorized or which may be authorized to do business in this  State, may reorganize under the laws of this State (including a  reorganization as a captive insurance company under the laws of this  State), by complying with the provisions of this Article.(2) As used in this Article: "reorganize" means reorganize, reincorporate,  or domesticate as an Illinois insurer; "reorganization" means reorganization,  reincorporation, or domestication as an Illinois insurer; "reorganized company"  means any company that has availed itself of the provisions of this Article,  and the reorganization of which has been effected as in this Article provided;  and "similar domestic company" means, in the case of an application for  reorganization as a domestic captive insurance company, a domestic captive  insurance company organized under Article VIIC.    (Source: P.A. 87-1216.)
215 ILCS 5/181
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XII - Domestication Of Foreign And Alien Companies

 (from Ch. 73, par. 793)Sec. 181.     Articles of reorganization.     (1) The board of directors, trustees or other governing body of any such  company desiring to reorganize under this Article shall comply with all  laws and requirements of its domiciliary state or country with reference to  reorganization under the laws of another state or country.(2) Such board of directors, trustees or other governing body shall  adopt a resolution approving articles of reorganization setting forth:(a) the name of the company; and if the name of the company upon  reorganization is to be changed, the proposed name of the reorganized  company;(b) the title of the act under which it was organized or incorporated;(c) the matters required to be set forth in original articles of  incorporation of a similar domestic company;(d) that it shall be bound by all the terms and provisions of this Code,  applicable to similar domestic companies organized or incorporated  thereunder; and(e) such other particulars as are deemed necessary or advisable.    (Source: P.A. 86-632; 86-634; 86-1028.)
215 ILCS 5/182
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XII - Domestication Of Foreign And Alien Companies

 (from Ch. 73, par. 794)Sec. 182.         Execution  of articles.The articles of reorganization shall be executed in duplicate by the  president or vice-president, and secretary or assistant secretary of the  company, or the executive officers corresponding thereto, and shall be  acknowledged and sworn to.    (Source: Laws 1937, p. 696.)
215 ILCS 5/183
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XII - Domestication Of Foreign And Alien Companies

 (from Ch. 73, par. 795)Sec. 183.     Certificate of Reorganization - Date Reorganization Effected.     (1) Upon the execution of the articles of reorganization there shall be  delivered to the Director(a) two duplicate originals of the articles;(b) a copy of the resolution of the board of directors, trustees or  other governing body, adopting said articles, duly certified by the  secretary of the company or officer corresponding thereto;(c) information satisfactory to the Director that the company has  complied with all the laws  and requirements of the domiciliary state or country with  reference to the proposed reorganization and the protection of  policyholders; and(d) securities of the kind and amount, if any, required as a deposit of  a similar domestic company doing the same kind or kinds of business  proposed to be done by the reorganized company.(2) If the Director finds that the articles of reorganization are in  accordance with the provisions of this Article, and that the company has  complied with all provisions of this Code applicable to similar domestic  companies, he shall approve the articles of reorganization and shall forthwith file  one of the duplicate originals of the articles, together with the  resolution and certificate of reorganization and certificate of  authority, in his office, endorse upon the other duplicate  original, his approval thereof, and deliver it together with a certificate  of reorganization and a certificate of authority to the reorganized  company. Upon such filing, the reorganization of the company shall be effected.    (Source: P.A. 85-131.)
215 ILCS 5/184
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XII - Domestication Of Foreign And Alien Companies

 (from Ch. 73, par. 796)Sec. 184.     Recording Articles of Reorganization.     The articles of reorganization, approved by the Director and returned to  the reorganized company, shall be recorded in the office of the recorder  in the county where the principal office of the reorganized company  is to be located.    (Source: P.A. 85-131.)
215 ILCS 5/185
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XII - Domestication Of Foreign And Alien Companies

 (from Ch. 73, par. 797)Sec. 185.         Board of  directors, trustees, etc. to continue.The directors, trustees, or members of any other governing body of the  company so reorganized, shall become the directors, trustees or members of  the governing body of the reorganized company and shall hold office until  their successors are elected or chosen in the manner provided therefor by  the articles of reorganization.    (Source: Laws 1937, p. 696.)
215 ILCS 5/185.1
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XII - Domestication Of Foreign And Alien Companies

 (from Ch. 73, par. 797.1)Sec. 185.1.     Effect of Reorganization.When the reorganization has been effected:(a) The articles of reorganization shall be the articles of  incorporation of the reorganized company and said company shall continue  in existence as, and thereafter  be, a company of this State.(b) The reorganized company shall make its reports in accordance with  the laws of this State and shall be subject to the exclusive regulation and  supervision by the Department of Insurance of this State and shall be subject  to regulation  and supervision by the Insurance Departments of other states and countries  as a foreign or alien company.(c) The reorganized 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 Code  (except in the case of a domestic captive insurance company, which  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  Article VIIC of this Code).(d) The reorganized company shall thereupon and thereafter possess all  the rights, privileges, immunities, powers and franchises of a public as  well as a private nature, theretofore possessed by the company so  reorganized. Without limiting the generality of the foregoing, (i) the  agency appointments, licenses, certificates of authority and rates which  are in existence at the time of the reorganization of such reorganized  company takes effect shall continue in full force and effect;  (ii) all property, real, personal and mixed, and all debts due  on whatever account, including subscriptions to shares, assessments payable  from members or policyholders, and all other choses in action, and all and  every other interest of, or belonging to or due to the company so  reorganized, shall be deemed to be transferred to and vested in the  reorganized company without further act or deed; and (iii) the title to any  real estate or any interest therein theretofore vested in the company so  reorganized, shall not revert or be in any way impaired by reason of such  reorganization.(e) The reorganized company shall thenceforth be responsible and liable  for all the liabilities and obligations of the company so reorganized. Any  claim existing, or action or proceeding pending by or against the company  so reorganized, may be prosecuted to judgment as if such reorganization had  not taken place, or such reorganized company may be substituted in its  place. Neither the rights of creditors nor any liens upon the property of  the company so reorganized, shall be impaired by such reorganization, but  such liens shall be limited to the property upon which they were liens  immediately prior to the reorganization, unless otherwise provided in the  articles of reorganization.    (Source: P.A. 85-131.)
215 ILCS 5/185.2
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XII - Domestication Of Foreign And Alien Companies

(215 ILCS 5/185.2) (from Ch. 73, par. 797.2)Sec. 185.2.     Conversion to Foreign Insurer.     Any domestic insurer may,  upon the approval of the Director, transfer its domicile to any other state  in which it is admitted to transact the business of insurance, and upon  such a transfer shall cease to be a domestic insurer.  The Director shall  approve any such proposed transfer unless he shall determine such transfer  is not in the interest of the policyholders of this State.    (Source: P.A. 85-131.)
215 ILCS 5/Art. XII.5 heading
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XII 1/2 - Corrective Orders

 ARTICLE XII 1/2.      CORRECTIVE ORDERS