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1 | AN ACT concerning insurance.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Insurance Code is amended by adding | ||||||
5 | Section 188.2 as follows: | ||||||
6 | (215 ILCS 5/188.2 new) | ||||||
7 | Sec. 188.2. Grounds for and provisions applicable to | ||||||
8 | rehabilitation or liquidation
of a domestic company that is a | ||||||
9 | covered financial company under the
federal Dodd-Frank Wall | ||||||
10 | Street Reform and Consumer Protection Act. | ||||||
11 | (a) The provisions of this Section apply in accordance with | ||||||
12 | Title II of the federal Dodd-Frank Wall Street Reform and | ||||||
13 | Consumer Protection Act,
P.L. 111-203, with respect to an | ||||||
14 | insurance company that is a covered financial company,
as that | ||||||
15 | term is defined under 12 U.S.C. 5381. | ||||||
16 | (b) The Director may file a complaint for an order of | ||||||
17 | rehabilitation or liquidation pursuant to
Section 188 of this | ||||||
18 | Code on any of the following grounds: | ||||||
19 | (1) upon a determination and notification given by the | ||||||
20 | Secretary of the Treasury of the United States (in | ||||||
21 | consultation
with the President of the United States) that | ||||||
22 | the insurance company is a financial company satisfying the
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23 | requirements of 12 U.S.C. 5383(b), and the board of |
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1 | directors (or body performing
similar functions) of the | ||||||
2 | insurance company acquiesces or consents to the | ||||||
3 | appointment of
a receiver pursuant to 12 U.S.C. | ||||||
4 | 5382(a)(l)(A)(i), with such consent to be considered as
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5 | consent to an order of rehabilitation or liquidation; | ||||||
6 | (2) upon an order of the United States District Court | ||||||
7 | for the District of Columbia under 12
U.S.C. | ||||||
8 | 5382(a)(l)(A)(iv)(I) granting the petition of the | ||||||
9 | Secretary of the Treasury
of the United States concerning | ||||||
10 | the insurance company under 12 U.S.C. 5382(a)(l)(A)(i); or | ||||||
11 | (3) a petition by the Secretary of the Treasury of the | ||||||
12 | United States concerning the insurance company is granted
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13 | by operation of law under 12 U.S.C. 5382(a)(l)(A)(v). | ||||||
14 | (c) Notwithstanding any other provision in this Article, | ||||||
15 | this Code, or any other law, after notice to the
insurance | ||||||
16 | company, the receivership court may grant an order on the | ||||||
17 | complaint for
rehabilitation or liquidation within 24 hours | ||||||
18 | after the filing of a complaint pursuant to this
Section. | ||||||
19 | (d) If the receivership court does not make a determination | ||||||
20 | on a complaint for rehabilitation or liquidation
filed by the | ||||||
21 | Director pursuant to this Section within 24 hours after its | ||||||
22 | filing, then it shall be
deemed granted by operation of law | ||||||
23 | upon the expiration of the 24-hour period. At the time
that an | ||||||
24 | order is deemed granted under this Section, the provisions of | ||||||
25 | Article XIII of this Code
shall be deemed to be in effect, and | ||||||
26 | the Director shall be deemed to be affirmed as receiver and |
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1 | have all of the applicable powers provided by this Code, | ||||||
2 | regardless of whether an order
has been entered. The | ||||||
3 | receivership court shall expeditiously enter an order of | ||||||
4 | rehabilitation
or liquidation that: | ||||||
5 | (1) is effective as of the date that it is deemed | ||||||
6 | granted by operation of law; and | ||||||
7 | (2) conforms to the provisions for rehabilitation or | ||||||
8 | liquidation contained in Article XIII
of this Code, as | ||||||
9 | applicable. | ||||||
10 | (e) Any order of rehabilitation or liquidation made | ||||||
11 | pursuant to this Section shall not be subject to
any stay or | ||||||
12 | injunction pending appeal. | ||||||
13 | (f) Nothing in this Section shall be construed to supersede | ||||||
14 | or impair any other power or
authority of the Director or the | ||||||
15 | court under this Article or Code.
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16 | Section 99. Effective date. This Act takes effect upon | ||||||
17 | becoming law.
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