(215 ILCS 5/60h) (from Ch. 73, par. 672h)
Sec. 60h.
Director's approval of domestication agreement.
An executed
counterpart of the
domestication agreement, together with certified copies of the corporate
proceedings of the domestic company and the alien company, approving,
adopting and authorizing the execution of the domestication agreement,
shall be submitted to the Director for approval. The Director shall
thereupon consider the agreement, and, if the Director finds that the same
is in accordance with the provisions hereof and that the interests of
policyholders of the United States branch of the alien insurer and of the
domestic company are not materially adversely affected, the Director shall
approve the domestication agreement and authorize the consummation thereof
in compliance with the provisions of Section 60i. The Director shall
approve or disapprove the domestication agreement within 60 days
after it is submitted to the Director.
(Source: P.A. 85-1373.)
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