2023 Illinois Compiled Statutes › Chapter 215 - INSURANCE › 215 ILCS 5/ - Illinois Insurance Code. › Article XV - Registration Of Policies And Deposit Of Reserves

(215 ILCS 5/Art. XV heading)
ARTICLE XV.  
		REGISTRATION OF POLICIES
AND DEPOSIT OF RESERVES
(215 ILCS 5/246) (from Ch. 73, par. 858)
Sec. 246. 
		
		Scope of
article.
This article shall apply to companies that issued the policies or
annuity bonds, and to the policies or annuity bonds, referred to in an Act
entitled: "An Act to provide for the deposit of reserve and the
registration of policies and annuity bonds by life insurance companies of
this State," approved April 18, 1899. Such policies or annuity bonds are
referred to in this article as "policies."
(Source: Laws 1937, p. 696.)
(215 ILCS 5/247) (from Ch. 73, par. 859)
Sec. 247. 
		
		Deposit of
reserves on registered policies.
Any company heretofore making deposits and registering policies pursuant
to the act mentioned in section 246 shall keep and maintain such deposit
with the Director in securities which are authorized for investment by life
insurance companies under this Code. Certificates of purchase acquired by
any company through foreclosure proceedings instituted by it upon mortgages
in which its funds have been lawfully invested, and duly recorded
conveyances of unencumbered improved real estate lawfully acquired by any
company, accompanied by satisfactory evidence of ownership thereof shall
likewise be eligible for deposit. The Director shall hold the title to such
real estate so conveyed to him in trust until other satisfactory securities
in lieu thereof have been deposited with him whereupon he shall reconvey
the same to such company. The Director may cause such real estate to be
valued and the company shall pay the reasonable expenses incurred in such
valuation.
(Source: Laws 1937, p. 696.)
(215 ILCS 5/248) (from Ch. 73, par. 860)
Sec. 248. 
		Registration of new policies prohibited.
After the effective date of this Code the Director shall not register
any new policies that are issued by any company, nor accept any deposits
covering reserves on business thereafter written.
(Source: Laws 1937, p. 696.)
(215 ILCS 5/249) (from Ch. 73, par. 861)
Sec. 249. 
		Valuation of registered policies.
The Director shall keep such a record of the policies that have been
issued pursuant to the act mentioned in section 246 as to enable him to
compute their value at any time. Upon written proof attested by the
president or vice-president and secretary of the company which shall have
issued such policies that any of them have been commuted or terminated, the
Director shall indicate such commutation or cancellation upon such record.
The reserve value of all policies, according to the standard prescribed in
this Code for the valuation of policies of life insurance companies, when
the first premium shall have been paid thereon, less the amount of any
liens, (as set forth in a statement showing kind, nature and amount,
attested by the president or vice-president and secretary of the company
issuing the policies against which such liens exist) not exceeding such
value as the company may have against such policies shall be entered in the
record aforesaid at the time such record is made. On the first day of
January of each year, or within sixty days thereafter, the Director shall
cause the registered policies of each company to be carefully revalued, and
the reserve value thereof at the time fixed for such valuation, less any
liens, (as set forth in a statement showing kind, nature and amount,
attested by the president or vice-president and secretary of the company
issuing the policies against which such liens exist) not exceeding such
reserve value as the company may have against such policies shall be
entered upon the record. It shall be the duty of
the Director to cancel mutilated policies issued by said companies prior to
the effective date of this Code, and register in lieu thereof other
policies of like tenor and date.
(Source: P.A. 87-757.)
(215 ILCS 5/250) (from Ch. 73, par. 862)
Sec. 250. 
		
		Additional
deposits.
Each company which shall have made the deposit provided for by the act
mentioned in section 246, shall make additional deposits from time to
time in amounts of not less than five thousand dollars of securities which
are authorized investments for life insurance companies under this Code, so
that the market value of the securities deposited shall always be equal to
the reserve value of the policies heretofore registered by said company,
less such liens (not exceeding such net value) as the company may have
against them.
(Source: Laws 1937, p. 696.)
(215 ILCS 5/251) (from Ch. 73, par. 863)
Sec. 251. 
		
		Record of
securities-Deficit-When insolvent.
The Director shall keep a record of the securities deposited by each
company and when furnishing the annual certificate of valuation mentioned
in section 249, he shall enter thereon the amount and market value of
such securities deposited by such company. If at any time it shall appear
from such certificate or otherwise that the value of the securities held on
deposit is less than the reserve value of the registered policies
theretofore issued by such company, less such liens (not exceeding such
reserve value) as the company may have against them, and the company shall
fail or neglect to make good such deposit within sixty days, after written
notice by the Director, it shall be deemed to be insolvent and shall be
proceeded against in the manner provided in Article XIII.
(Source: Laws 1937, p. 696.)
(215 ILCS 5/252) (from Ch. 73, par. 864)
Sec. 252. 
		
		May
increase deposit-Withdrawal of securities-Right to income.
Any such company may increase its deposits at any time by making
additional deposits of not less than five thousand dollars of securities
which are authorized investments for life companies under this Code. Any
company whose deposits exceed the reserve of all registered policies it has
in force, less such liens (not exceeding such reserve value) as the company
may hold against them, may withdraw such excess, or it may withdraw any of
said securities at any time by depositing in their stead securities of
equal value and authorized under this Code. So long as said company shall
remain solvent and maintain its deposits, as herein provided, it may
collect the interest, coupons, rents, and other income on the securities
deposited as the same may accrue.
(Source: Laws 1937, p. 696.)
(215 ILCS 5/253) (from Ch. 73, par. 865)
Sec. 253. 
		
		Deposits
kept separate.
The securities deposited with the Director pursuant to the act mentioned
in section 246, shall be kept in the same manner but separate from other
deposits of the company.
(Source: Laws 1937, p. 696.)