(215 ILCS 5/108) (from Ch. 73, par. 720)
(Section scheduled to be repealed on January 1, 2027)
Sec. 108.
Companies
that may be admitted to do business.
(1) Upon complying with the provisions of this Article, a foreign or
alien company organized as a stock company, mutual company, reciprocal,
Lloyds or fraternal benefit society
may be admitted to transact in this State the kind or kinds of business
which a domestic company similarly organized may be authorized to transact
under this Code. Any certificate of authority issued to an alien Lloyds
shall be subject to all of the provisions of Section 103.
(2) No foreign or alien mutual benefit society or burial society shall
hereafter be admitted to transact business in this State.
(3) No foreign or alien company shall transact in this State any
insurance business not classified under Section 4.
(Source: P.A. 82-498.)
|