Section 651.30 Definitions
IllinoisRegulations
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Illinois Administrative Code › Title 50 INSURANCE › CHAPTER I: DEPARTMENT OF INSURANCE › Part 651 ACQUISITION OF CONTROL OF A DOMESTIC COMPANY › Section 651.30 Definitions
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Section 851
Section 651.30 Definitions
Terms found in this Part other
than those defined in this Section have the meanings ascribed in Section 131.1
of the Illinois Insurance Code. Other nomenclature or terminology, if not
otherwise defined by the Code, is to be accorded the accepted insurance
industry usage.
"Code" means the
Illinois Insurance Code [215 ILCS 5].
"Department" means the
Illinois Department of Insurance.
"Director" means the
Director of the Illinois Department of Insurance.
"Executive
officer" means any individual charged with active management and control
in a senior executive capacity as described by the company's by-laws (including
a president, senior vice president, treasurer, secretary, controller, and any
other individual regardless of title performing functions the same as those
performed by these officers) of a person, whether incorporated or
unincorporated.
"Ultimate controlling person" means a controlling
person within an insurance holding company system who is not controlled by any
other person.
This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.