(215 ILCS 5/69.1) (from Ch. 73, par. 681.1)
(Section scheduled to be repealed on January 1, 2027)
Sec. 69.1.
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
exam has been completed the escrow agent is authorized to purchase securities
for deposit as required by Section 74 and forward them to the Director.
The escrow agent is authorized to release the balance of the escrow 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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