Ill. Admin. Code tit. 50, § 401.60 - Reporting and Accounting of Indebtedness
a) The Director shall be notified
immediately, in writing, upon the execution of any such certificate, as to the
amount thereof and to whom payable.
b) The company shall furnish a copy of the
deposit slip evidencing that the funds derived from the execution of such
certificate have been deposited into the company's account.
c) All outstanding guaranty funds or guaranty
capital 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.
d) The
issuance and repayment of the guaranty fund or guaranty capital, 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.
e) The interest expense
incurred on the guaranty fund or guaranty capital during the current period
shall be reflected on the Statement of Income of the company's financial
statement.
Notes
Amended at 13 Ill. Reg. 14048, effective September 11, 1989
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