(215 ILCS 5/221.10) (from Ch. 73, par. 833.10)
Sec. 221.10.
Declaration of purpose.
The purpose of Sections 221.1 to 221.10, both inclusive is to promote
uniformity in the liquidation, rehabilitation, reorganization or
conservation of insurers doing business in more than one state. It is
intended that Sections 221.1 to 221.10, both inclusive shall be liberally
construed to the end that so far as possible the assets of such insurers
shall be equally and uniformly conserved in all states, and that claimants
against such insurers shall receive equal and uniform treatment
irrespective of residence or the place of the acts or contracts upon which
their claims are based. The provisions of Sections 221.1 to 221.10, both
inclusive shall be effective only with respect to this state and other
states in which (a) it is provided by law that only the Insurance
Commissioner or equivalent supervisory official of the State shall be
vested with title to the assets of, and shall wind up the affairs of,
delinquent insurers under judicial supervision; and (b) in substance and
effect the provisions of Sections 221.1 to 221.10, both inclusive, are in
force. The provisions of Sections 221.1 to 221.10, both inclusive, insofar
as applicable to any insurer incorporated or organized in a foreign
country, shall apply only to the assets, liabilities and business of such
insurer within the several states.
(Source: Laws 1941, vol. 1, p. 832.)
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