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| | HB4367 Enrolled | | LRB103 35503 RPS 65574 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Insurance Code is amended by |
| 5 | | changing Section 534.4 as follows:
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| 6 | | (215 ILCS 5/534.4) (from Ch. 73, par. 1065.84-4) |
| 7 | | Sec. 534.4. "Insolvent company" means a company organized |
| 8 | | as a stock company, mutual company, reciprocal or Lloyds (a) |
| 9 | | which holds a certificate of authority to transact insurance |
| 10 | | in this State either at the time the policy was issued or when |
| 11 | | the insured event occurred, or any company which has assumed |
| 12 | | or has been allocated such policy obligation through merger, |
| 13 | | division, insurance business transfer, consolidation, or |
| 14 | | reinsurance, whether or not such assuming company held a |
| 15 | | certificate of authority to transact insurance in this State |
| 16 | | at the time such policy was issued or when the insured event |
| 17 | | occurred; and (b) against which a final Order of Liquidation |
| 18 | | with a finding of insolvency to which there is no further right |
| 19 | | of appeal has been entered by a court of competent |
| 20 | | jurisdiction in the company's State of domicile after the |
| 21 | | effective date of this Article. When a policy obligation is |
| 22 | | assumed or allocated through merger, division, insurance |
| 23 | | business transfer, consolidation, or reinsurance, nothing in |