(215 ILCS 5/45.1) (from Ch. 73, par. 657.1)
(Section scheduled to be repealed on January 1, 2027)
Sec. 45.1.
Escrow agreements.
The company shall designate a bank or
trust company with whom it will enter into an escrow agreement, which
agreement shall state that the organization surplus shall be placed in
escrow and remain so, until an organization examination has been completed.
When the examination has been completed the escrow agent is authorized to
purchase securities for deposit as required by Section 53 and forward them
to the Director. The escrow agent is authorized to release the balance of
the escrowed funds to the company only upon notification that a Certificate
of Authority or similar documentation has been issued by the Director.
(Source: P.A. 84-502.)
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