(215 ILCS 5/24) (from Ch. 73, par. 636)
(Section scheduled to be repealed on January 1, 2027)
Sec. 24.
Certificate
of authority to do an insurance business.
When the Director has been notified that the capital required by the
articles of incorporation has been fully subscribed, and that such capital
and the required surplus has been fully collected, he shall conduct an
examination of the company. If he finds that the organization of the
company is complete, that the required capital provided in the articles of
incorporation and required surplus has been fully collected and deposited
with the designated bank or trust company, that the deposit provided for by
Section 26 has been made and that all of the requirements imposed by this
Code, have been met, he shall issue to the company a certificate of
authority to transact the kind or kinds of business specified therein. No
company shall transact any business of insurance until it has received a
certificate of authority as herein prescribed nor any business of insurance
not specified in such certificate of authority.
(Source: Laws 1957, p. 603.)
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