Illinois Compiled Statutes 215 Insurance: Article XIE - Special Purpose Reinsurance Vehicle Law

• Illinois Insurance Code. - 215 ILCS 5, Section 179E-1
  Short title. This Article may be cited as the Special Purpose Reinsurance Vehicle Law. (Source: P.A. 92-124, eff. 7-20-01.)
• Illinois Insurance Code. - 215 ILCS 5, Section 179E-5
  Purpose. This Article is adopted to provide for the creation of Special Purpose Reinsurance Vehicles ("SPRV") exclusively to facilitate the securitization of one or...
• Illinois Insurance Code. - 215 ILCS 5, Section 179E-10
  Exemption from insurance laws within limitations. (a) An SPRV is subject to the following: (1) Articles I, XII 1/2, XXIV, XXV (Sections 408 and...
• Illinois Insurance Code. - 215 ILCS 5, Section 179E-15
  Definitions. For purposes of this Article, the following terms have the indicated meanings: "Aggregate limit" means the maximum sum payable to the ceding insurer...
• Illinois Insurance Code. - 215 ILCS 5, Section 179E-20
  Limited certificate of authority. (a) Within 30 days after receipt by the Director of a complete filing by the prospective SPRV organizer for authority...
• Illinois Insurance Code. - 215 ILCS 5, Section 179E-25
  Limited purpose of SPRV. This Article authorizes SPRVs to be created for the limited purpose of entering into insurance securitization transactions with investors and...
• Illinois Insurance Code. - 215 ILCS 5, Section 179E-30
  Approved transactions and operation of SPRVs. (a) SPRVs authorized under this Article may at any given time enter into and effectuate SPRV contracts with...
• Illinois Insurance Code. - 215 ILCS 5, Section 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...
• Illinois Insurance Code. - 215 ILCS 5, Section 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...
• Illinois Insurance Code. - 215 ILCS 5, Section 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...
• Illinois Insurance Code. - 215 ILCS 5, Section 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...
• Illinois Insurance Code. - 215 ILCS 5, Section 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...
• Illinois Insurance Code. - 215 ILCS 5, Section 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...
• Illinois Insurance Code. - 215 ILCS 5, Section 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...
• Illinois Insurance Code. - 215 ILCS 5, Section 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...
• Illinois Insurance Code. - 215 ILCS 5, Section 179E-75
  Conservation, rehabilitation, or liquidation. (a) The provisions of Articles XIII and XIII 1/2 apply to an SPRV, except to the extent modified in this...
• Illinois Insurance Code. - 215 ILCS 5, Section 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...
• Illinois Insurance Code. - 215 ILCS 5, Section 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...
• Illinois Insurance Code. - 215 ILCS 5, Section 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...
• Illinois Insurance Code. - 215 ILCS 5, Section 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...
• Illinois Insurance Code. - 215 ILCS 5, Section 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...

Last modified: February 18, 2015