Ill. Admin. Code tit. 50, § 3601.110 - Administrators
a) Each trust
approved pursuant to the Act may engage an administrator for the purpose of
administrating and operating the trust fund. Such administrator shall be a
resident of the State of Illinois with its principal office located within the
State of Illinois. Such administrator may be a natural person, partnership or
corporate entity.
b) All persons
administering a trust approved pursuant to the provisions of the Act shall be
subject to the examination of the Director of Insurance in accordance with
Section 132 of the Illinois Insurance Code and shall maintain all trust records
within the State of Illinois.
c)
All administrators of trusts approved pursuant to the provisions of the Act
must adhere to all standards of fiduciary conduct required by the laws of the
State of Illinois and must adhere to all standards of claims practices and
procedures set forth in the Illinois Insurance Code and all Rules promulgated
thereunder.
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