Ill. Admin. Code tit. 50, § 201.50 - Reporting and Accounting of Indebtedness
a) The Director shall be notified immediately
in writing upon the execution of any such debenture as to the amount thereof
and to whom payable.
b) All
outstanding subordinated indebtedness and interest accrued thereon shall be
reported separately in the Annual Statement on Page 3 and in any other
financial statements of the company as special surplus funds.
c) The issuance and repayment of the
debenture, as well as the payment of the interest thereon, shall be reflected
as direct debits or credits to the Capital and Surplus Account of the company's
financial statement.
d) The
interest expense incurred on the debenture during the current period shall be
reflected as a deduction from income in lieu thereof on the Statement of
Income/Summary of Operations of the company's financial statements.
Notes
Amended at 23 Ill. Reg. 3782, effective March 10, 1999
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