(215 ILCS 5/221.2) (from Ch. 73, par. 833.2)
Sec. 221.2.
Ancillary delinquency proceedings.
After the commencement of delinquency proceedings in a reciprocal state
against an insurer domiciliary in such state, a court of competent
jurisdiction in this State shall on the petition of the Director of
Insurance
of this State appoint such Director of Insurance as ancillary receiver in
this State of such insurer. The Director of Insurance shall file such
petition (a) if he finds that there are sufficient assets of such insurer
located in this State to justify the appointment of an ancillary receiver
or (b) if 10 or more persons resident in a state having claims
against
such insurer file a petition or petitions in writing with the Director
requesting the appointment of such ancillary receiver. As ancillary
receiver the Director shall have the right to sue for and reduce to
possession the assets of such insurer in this State, and, subject to the
rights of the domiciliary receiver, he shall have the same powers and be
subject to the same duties with respect to such assets, as are possessed by
a receiver of a domiciliary insurer under the laws of this State. The
domiciliary receiver of an insurer domiciled in a reciprocal state shall,
except as to special deposits and security on secured claims pursuant to
Section 221.7, be vested by operation of law with the title to all of the
assets, property, contracts, agents' balances, and all of the books, accounts
and other records of the insurer located in this State; and shall have the
immediate right to recover balances due from resident agents and to obtain
possession of any books and records of the insurer found in this State.
(Source: P.A. 89-206, eff. 7-21-95.)
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