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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB0074
Introduced 01/19/07, by Rep. Lou Lang SYNOPSIS AS INTRODUCED:
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215 ILCS 5/534.4 |
from Ch. 73, par. 1065.84-4 |
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Amends the Illinois Insurance Code. Makes a technical change in a Section concerning insolvent companies.
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A BILL FOR
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HB0074 |
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LRB095 03497 RAS 23501 b |
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| AN ACT concerning regulation.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Insurance Code is amended by |
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| changing Section 534.4 as follows:
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| (215 ILCS 5/534.4) (from Ch. 73, par. 1065.84-4)
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| Sec. 534.4. "Insolvent company" means a company
organized |
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| as a stock company, mutual company, reciprocal or Lloyds (a)
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| which holds a certificate of authority to transact insurance
in |
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| this State either at the
the time the policy was issued or when
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| the insured event occurred, or any company which has assumed
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| such policy obligation through merger, consolidation or
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| reinsurance, whether or not such assuming company held a
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| certificate of authority to transact insurance in this State
at |
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| the time such policy was issued or when the insured event |
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| occurred; and (b)
against which a final Order of Liquidation |
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| with a finding of
insolvency to which there is no further right |
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| of appeal has been entered by
a court of competent jurisdiction |
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| in the company's State of domicile after the
effective date of |
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| this Article.
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| (Source: P.A. 90-499, eff. 8-19-97.)
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