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| 1 | AN ACT concerning insurance.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Illinois Insurance Code is amended by | ||||||
| 5 | changing Section 408.3 as follows:
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| 6 | (215 ILCS 5/408.3) (from Ch. 73, par. 1020.3)
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| 7 | Sec. 408.3. Insurance Financial Regulation Fund; uses. The | ||||||
| 8 | monies
deposited into the Insurance Financial
Regulation Fund | ||||||
| 9 | shall be used only for (i) payment of the expenses of the
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| 10 | Department, including related administrative expenses, | ||||||
| 11 | incurred in
analyzing, investigating and examining the | ||||||
| 12 | financial condition or control
of insurance companies and other | ||||||
| 13 | entities licensed or seeking to be
licensed by the Department, | ||||||
| 14 | including the collection, analysis and
distribution of | ||||||
| 15 | information on insurance premiums, other income, costs and
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| 16 | expenses, and (ii) to pay internal costs and expenses of the | ||||||
| 17 | Interstate
Insurance Receivership Commission allocated to this | ||||||
| 18 | State and authorized and
admitted companies doing an insurance | ||||||
| 19 | business in this State under Article X of
the Interstate | ||||||
| 20 | Receivership Compact. All distributions and payments from the
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| 21 | Insurance Financial Regulation Fund shall be subject to | ||||||
| 22 | appropriation as
otherwise provided by law for
payment of such | ||||||
| 23 | expenses.
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| 1 | Sums appropriated under clause (ii) of the preceding | ||||||
| 2 | paragraph shall be
deemed to satisfy, pro tanto, the | ||||||
| 3 | obligations of insurers doing business in
this
State under | ||||||
| 4 | Article X of the Interstate Insurance Receivership Compact.
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| 5 | Nothing in this Code shall prohibit the General Assembly | ||||||
| 6 | from
appropriating funds from the General Revenue Fund to the | ||||||
| 7 | Department for the
purpose of administering this Code.
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| 8 | No fees collected pursuant to Section 408 of this Code | ||||||
| 9 | shall be used
for the regulation of pension funds or activities | ||||||
| 10 | by the Department in the
performance of its duties under | ||||||
| 11 | Article 22 of the Illinois Pension Code.
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| 12 | If at the end of a fiscal year the balance in the Insurance | ||||||
| 13 | Financial
Regulation Fund which remains unexpended or | ||||||
| 14 | unobligated exceeds the amount
of funds that the Director may | ||||||
| 15 | certify is needed for the purposes
enumerated in this Section, | ||||||
| 16 | then the General Assembly may appropriate that
excess amount | ||||||
| 17 | for purposes other than those enumerated in this Section.
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| 18 | Moneys in the Insurance Financial Regulation Fund may be | ||||||
| 19 | transferred to the Professions Indirect Cost Fund, as | ||||||
| 20 | authorized under Section 2105-300 of the Department of | ||||||
| 21 | Professional Regulation Law of the Civil Administrative Code of | ||||||
| 22 | Illinois.
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| 23 | (Source: P.A. 94-91, eff. 7-1-05.)
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