Synopsis As Introduced Amends the Illinois Insurance Code. Creates the Domestic Stock Company Division Article in the Code. Provides that a domestic stock company may divide into 2 or more resulting companies pursuant to a plan of division. Contains provisions concerning the contents of the plan of division, approval of the plan of division by the Director of Insurance, effects of a division, certificates of division, liabilities, and shareholder rights. Makes conforming changes in provisions concerning mergers and consolidations.
House Floor Amendment No. 1 Removes language providing that a resulting company shall only be liable for the liabilities allocated to it in accordance with the plan of division and certain provisions and shall not be liable for any other liabilities under the common law doctrine of successor liability or a similar theory of liability applicable to transferees or assignees of property.