Ill. Admin. Code tit. 50, § 2410.60 – Plan of Dissolution or Withdrawal of Statutory Deposit | Midpage
§ 2410.60
Ill. Admin. Code tit. 50, § 2410.60
Plan of Dissolution or Withdrawal of Statutory Deposit
AUTHORITY: Implementing PA 92-0075, effective July 12, 2001; which amends Sections 26, 53, 74, 278, 327 and 341 of the Insurance Code [215 ILCS 5/26, 53, 74, 278, 327 and 341]; Section 2-6 of the Health Maintenance Organization Act [215 ILCS 125/2-6]; Section 2006 of the Limited Health Service Organization Act [215 ILCS 130/2006]; and authorized by Section 401 of the Illinois Insurance Code [215 ILCS 5/401].DEPARTMENT OF INSURANCE
a) The Director must first approve the plan of dissolution before further action can be taken by the insurance entity to voluntarily dissolve. The Director shall consider the following elements:
1) The disposition of insurance contracts and claimant actions;
2) The status of any pending litigation;
3) The payment of corporate obligations;
4) The intended disposition of assets, including the statutory deposit being held by the Director;
5) The name and forwarding address for each of the final officers and/or directors; and
6) The date on which the company terminated its last policy or contract obligation and the method(s) by which they were terminated.
b) Upon the written approval of the Director, the insurance entity shall effectuate the plan of dissolution or withdrawal and meet the final filing requirements of Section 2410.70(a) of this Part before the statutory deposit may be released by the Director pursuant to Section 2410.70(b) of this Part.