(215 ILCS 5/174.1) (from Ch. 73, par. 786.1)
Sec. 174.1.
Kinds of Agreements Prohibited.
No domestic stock company with
less than $5,000,000 capital and surplus nor domestic mutual or reciprocal company
with less than $5,000,000 surplus may assume as reinsurance any of the kind or
kinds of businesses enumerated in Class 2 or Class 3 of Section 4 of this
Code, except Class 2(a), and except for facultative reinsurance of specific
risks and assumption of risks from companies subject to "An Act
relating to local, mutual district, county and township insurance
companies", approved March 13, 1936, as amended. If approval of the
Director is obtained prior to the reinsurance
assumption, this prohibition shall not apply to any company organized and
authorized to do business in Illinois between July 1, 1981, and June 30,
1983, until January 1, 1989.
(Source: P.A. 84-671.)
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