Ill. Admin. Code tit. 50, § 807.30 - Definitions

Current through Register Vol. 46, No. 15, April 8, 2022

Agent means a national bank, state bank or trust company that maintains an account in its name in a clearing corporation or that is a member of the Federal Reserve System and through which a custodian participates in a clearing corporation, including the Treasury/Reserve Automated Debt Entry Securities System (TRADES) or Treasury Direct systems, except that, with respect to securities issued by institutions organized or existing under the laws of any foreign country or securities used to meet the deposit requirements pursuant to the laws of a foreign country as a condition of doing business in that country, "agent" may include a corporation organized or existing under the laws of any foreign country and legally qualified under those laws to accept custody of securities.

Clearing Corporation means a corporation as defined in Section 8-102(a)(5) of the Uniform Commercial Code [810 ILCS 5/8-102(a)(5) ], except that, with respect to securities issued by institutions organized or existing under the laws of any foreign country or securities used to meet the deposit requirements pursuant to the laws of a foreign country as a condition of doing business within that country, "clearing corporation" may include a corporation organized or existing under the laws of any foreign country and legally qualified under such laws to effect transactions in securities by computerized book-entry. Clearing corporation also includes the Treasury/Reserve Automated Debt Entry Securities System and the Treasury Direct book-entry securities systems described in 31 CFR 357 (2007, no later editions or amendments are included).

Code means the Illinois Insurance Code [215 ILCS 5 ].

Custodian means a national bank, state bank or trust company that shall, at all times during which it acts as a custodian pursuant to this Part, be no less than adequately capitalized as determined by the standards adopted by United States banking regulators and that is regulated by either state banking laws or is a member of the Federal Reserve System and that is legally qualified to accept custody of securities in accordance with the standards set forth in this Part, except that, with respect to securities issued by institutions organized or existing under the laws of a foreign country, or securities used to meet the deposit requirements pursuant to the laws of a foreign country as a condition of doing business within that country, "custodian" may include a bank or trust company incorporated or organized under the laws of a country other than the United States that is regulated as such by that country's government or an agency of that government that shall, at all times during which it acts as a custodian pursuant to this Part, be no less than adequately capitalized as determined by the standards adopted by international banking authorities and that is legally qualified to accept custody of securities.

Custody Agreement means a written agreement between an insurance company and a custodian that meets the standards for custody agreements of the National Association of Insurance Commissioners' (NAIC) Financial Condition Examiners Handbook (2301 McGee Street, Suite 800, Kansas City MO 64108-2662) (as adopted by the NAIC as of December 2006, no later editions or amendments are included).

Department means the Department of Financial and Professional Regulation.

Director means the Director of the Illinois Department of Financial and Professional Regulation-Division of Insurance.

Division means the Illinois Department of Financial and Professional Regulation-Division of Insurance.

Security has the same meaning as prescribed in Section 8-102(a)(15) of the Uniform Commercial Code.

Securities' Certificate has the same meaning as prescribed in Section 8-102(a)(16) of the Uniform Commercial Code.

Notes

Ill. Admin. Code tit. 50, § 807.30

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