ILLINOIS REGISTER 9319
09
DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
NOTICE OF ADOPTED AMENDMENTS
bear the expense of any such examination.
2) The trust fund for a group including incorporated and unincorporated
individual underwriters shall consist of funds in trust in an amount not less
than the group's aggregate gross liabilities attributable to business written
in the United States and, in addition, the group shall maintain a trusteed
surplus of which $100,000,000 shall be held jointly for the benefit of the
United States ceding insurers of any member of the group. The group
shall file a properly executed Form AR-1 Certificate of Assuming Insurer
found in Appendix A of this Part as evidence of the submission to this
State's authority to examine the books and records of any of its members
and shall certify that any member examined will bear the expense of any
such examination. The group shall make available to the Director annual
certifications by the group's domiciliary regulator and its independent
public accountants of the solvency of each underwriter member of the
group.
3) The trust fund for a group of incorporated insurers under common
administration, whose members possess aggregate policyholders surplus
of $10,000,000,000 (calculated and reported in substantially the same
manner as prescribed by the annual statement instructions and Accounting
Practices and Procedures Manual of the National Association of Insurance
Commissioners) and which has continuously transacted an insurance
business outside the United States for at least three (3) years immediately
prior to making application for accreditation, shall consist of funds in trust
in an amount not less than the assuming insurers' gross liabilities
attributable to business ceded by United States ceding insurers to any
members of the group pursuant to reinsurance contracts issued in the name
of such group and, in addition, the group shall maintain a joint trusteed
surplus of which $100,000,000 shall be held jointly for the benefit of
United States ceding insurers of any member of the group. The group shall
file a properly executed Form AR-1 Certificate of Assuming Insurer found
in Appendix A of this Part as evidence of the submission to this State's
authority to examine the books and records of any of its members and
shall certify that any member examined will bear the expense of any such
examination. The group shall make available to the Director annual
certifications by the members' domiciliary regulators and their
independent public accountants of the solvency of each member of the
group.
