(215 ILCS 5/176) (from Ch. 73, par. 788)
Sec. 176.
Pending
actions.
Whenever a company agrees to assume and carry out directly with the
policyholder any of the policy obligations of the ceding company under a
reinsurance agreement, any claim existing or action or proceeding pending
arising out of such policy, by or against the ceding company with respect
to such obligations may be prosecuted to judgment as if such reinsurance
agreement had not been made, or the assuming company may be substituted in
place of the ceding company.
(Source: Laws 1937, p. 696.)
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