(215 ILCS 5/221.1) (from Ch. 73, par. 833.1)
Sec. 221.1.
Definitions.
For the purposes of Sections 221.1 to 221.10, both inclusive, the
following terms have the following meanings;
(1) "Reciprocal State" means a state wherein:
(a) it is provided by law that the insurance supervisory or other
administrative agency of the state shall conduct or wind up the affairs of
delinquent companies under judicial supervision and shall be vested with
title to all of the assets of any domestic company against which a
delinquency proceeding has been commenced, and
(b) in substance and effect the provisions of Sections 221.1 to 221.10,
both inclusive are in force.
(2) "Insurer" means any person, firm, corporation, association, or
aggregation of persons doing or proposing to do an insurance business and
subject to the insurance supervisory authority of, or to liquidation,
rehabilitation, reorganization or conservation by, the commissioner of
insurance or equivalent insurance supervisory official of the state.
(3) "Delinquency proceeding" means any proceeding commenced against an
insurer for the purpose of liquidating, rehabilitating, reorganizing or
conserving such insurer.
(4) "Domiciliary state" means the state in which an insurer is
incorporated or organized or, in the case of an insurer incorporated or
organized in a foreign country, the state in which such insurer, having
become authorized to do business in such state has, at the commencement of
delinquency proceedings the largest amount of its trusteed assets and
deposits for the benefit of its policy holder or policy holders and
creditors in the United States; and "domiciliary insurer" means an insurer
in its domiciliary state.
(5) "Ancillary state" means any state other than a domiciliary state.
(6) "General Assets" means all property, real or personal, not
specifically mortgaged, pledged, deposited as security or otherwise
encumbered, and as to such specifically encumbered property the term
includes all in excess of the amount necessary to discharge the sum or sums
secured.
(7) "Preferred claim" means any claim with respect to which the law of a
state or of the United States accords priority of payment from the general
assets of the insurer.
(8) "Special deposit claim" means any claims secured generally by a
deposit of a fund or property or bond which deposit has been made to secure
the payment of all claims of a particular description or all claims of
persons resident in a particular state. The term does not include claims
which are secured by deposit for the benefit or protection of all claimants
against the insurer in the United States.
(9) "Secured claim" means any claim secured individually by mortgage,
trust, deed, pledge, deposit as security, escrow or otherwise. The term
also includes claims which prior to the commencement of delinquency
proceedings in the state of the insurer's domicile have become liens upon
specific assets by reason of judicial process.
(10) "State" means any state or territory of the United States, and the
District of Columbia.
(11) "Foreign country" means territory outside of any state, as defined.
(12) "Receiver" means receiver, liquidator, rehabilitator or conservator
as the context may require.
In addition to and notwithstanding any other provisions of law, this
Article shall apply to the administration by the Director of the affairs of
delinquent domestic companies with respect to matters affecting or related
to reciprocal states, and shall also apply to matters affecting or related
to this State in the administration by the Director of the affairs of
delinquent companies domiciled in reciprocal states and authorized to
transact business in this State.
(Source: Laws 1941, vol. 1, p. 832.)
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