| November 13, 2001 | |
| To: |
All Domestic Companies Authorized to Write
Life and/or Accident and Health and Property and
Casualty Insurance in Illinois (including
Fraternals). All Domestic Health Maintenance Organizations and Limited Health Service Organizations. |
| From: | Nathaniel S. Shapo, Director |
| Re: | (CB #2001-05) 215 ILCS 5/131.20a - Changes to Holding Company Act |
| Reply to: |
Life and/or Accident and Health Sara Ross (217) 782-9760 sara_ross@ins.state.il.us Health Maintenance Organizations Jeff Martin (217) 782-1798 jeffrey_martin@ins.state.il.us Property and Casualty Jackie Parker (217) 524-2262 jacqueline_parker@ins.state.il.us |
Effective immediately, Public Act 92-0140 of the 92nd General Assembly amended the Holding Company Act, 215 ILCS 5/131.20a. Specifically, the following language was added:
"....or (B) that is proposed when the domestic company is not eligible to declare and pay a dividend or other distribution pursuant to the provisions of Section 27."
A company which has negative or zero unassigned funds is required to provide priornotice of all transactions with any entity in its holding company system. The Department will monitor compliance with the amended provisions based on the company's unassigned funds at the end of the most recent calendar quarter.
Public Act 92-0140 may be viewed in its entirety at the following Internet
website: http://www.ins.state.il.us. The Illinois
Compiled Statutes on that site have not yet been updated to reflect the amended
language.
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