Illinois Administrative Code › Title 50 - INSURANCE › Part 807 - CUSTODY AGREEMENTS › Section 807.30 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
Agent means a national bank, state bank or trust company that
				maintains an account in its name in a clearing corporation or that is a member
				of the Federal Reserve System and through which a custodian participates in a
				clearing corporation, including the Treasury/Reserve Automated Debt Entry
				Securities System (TRADES) or Treasury Direct systems, except that, with
				respect to securities issued by institutions organized or existing under the
				laws of any foreign country or securities used to meet the deposit requirements
				pursuant to the laws of a foreign country as a condition of doing business in
				that country, "agent" may include a corporation organized or existing under the
				laws of any foreign country and legally qualified under those laws to accept
				custody of securities.
Clearing Corporation means a corporation as defined in Section
				8-102(a)(5) of the Uniform Commercial Code [810 ILCS
				5/8-102(a)(5) ], except that, with
				respect to securities issued by institutions organized or existing under the
				laws of any foreign country or securities used to meet the deposit requirements
				pursuant to the laws of a foreign country as a condition of doing business
				within that country, "clearing corporation" may include a corporation organized
				or existing under the laws of any foreign country and legally qualified under
				such laws to effect transactions in securities by computerized book-entry.
				Clearing corporation also includes the Treasury/Reserve Automated Debt Entry
				Securities System and the Treasury Direct book-entry securities systems
				described in 31 CFR 357 (2007, no later editions or amendments are
				included).
Code means the Illinois Insurance Code [215 ILCS 5 ].
Custodian means a national bank, state bank or trust company
				that shall, at all times during which it acts as a custodian pursuant to this
				Part, be no less than adequately capitalized as determined by the standards
				adopted by United States banking regulators and that is regulated by either
				state banking laws or is a member of the Federal Reserve System and that is
				legally qualified to accept custody of securities in accordance with the
				standards set forth in this Part, except that, with respect to securities
				issued by institutions organized or existing under the laws of a foreign
				country, or securities used to meet the deposit requirements pursuant to the
				laws of a foreign country as a condition of doing business within that country,
				"custodian" may include a bank or trust company incorporated or organized under
				the laws of a country other than the United States that is regulated as such by
				that country's government or an agency of that government that shall, at all
				times during which it acts as a custodian pursuant to this Part, be no less
				than adequately capitalized as determined by the standards adopted by
				international banking authorities and that is legally qualified to accept
				custody of securities.
Custody Agreement means a written agreement between an
				insurance company and a custodian that meets the standards for custody
				agreements of the National Association of Insurance Commissioners' (NAIC)
				Financial Condition Examiners Handbook (2301 McGee Street, Suite 800, Kansas
				City MO 64108-2662) (as adopted by the NAIC as of December 2006, no later
				editions or amendments are included).
Department means the Department of Financial and Professional
				Regulation.
Director means the Director of the Illinois Department of
				Financial and Professional Regulation-Division of Insurance.
Division means the Illinois Department of Financial and
				Professional Regulation-Division of Insurance.
Security has the same meaning as prescribed in Section
				8-102(a)(15) of the Uniform Commercial Code.
Securities' Certificate has the same meaning as prescribed in
				Section 8-102(a)(16) of the Uniform Commercial Code.