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(215 ILCS 5/170) (from Ch. 73, par. 782)
Sec. 170.
Transfer
of deposits.
(1) If the surviving or new company shall be a foreign or alien company
and the laws of the state or country under which such surviving or new
company is incorporated or organized shall require the maintenance with any
official of such State or country of a deposit of the legal reserve on any
policies, then the Director is authorized to deliver to the proper
custodian of such deposits of such state or country any deposits
theretofore made with the Director pertaining to policies of any of the
merged or consolidated companies. If the surviving or new company shall be
a domestic company into which has been merged or consolidated a foreign or
alien company incorporated or organized in a state or country the laws of
which require the maintenance with an official of a deposit of the legal
reserve on any policies, then the Director is hereby authorized to receive
from such official any deposit theretofore made with such official
pertaining to the policies of any of the merged or consolidated companies.
(2) Any surviving or new company shall, within 60 days after the
transfer of such deposit, notify the holder of every policy secured by such
transferred deposit, that the transfer has been made. The president or
vice-president and secretary or assistant secretary of such company, or the
executive officers corresponding thereto, shall within 30 days thereafter,
file with the Director an affidavit of the fact that due notice to
policyholders, as provided for herein, has been given. If a surviving or
new company shall be a foreign or alien company, the Director shall require
from such company, before transferring any deposit to any official of the
state or country under the laws of which such foreign or alien company is
incorporated or organized, a written agreement that notice of such transfer
will be given to policyholders and that an affidavit with regard to such
notice will be furnished to the Director as in this section provided.
(3) In the event any deposit is to be maintained in this State by reason
of this section, the amount thereof from time to time for each such policy
shall be at least equal to the amount which would be required in the state
where such deposit was theretofore maintained under the provisions of the
law of such state in effect on the date the merger or consolidation was
effected. The deposits so maintained in this State shall consist of
securities of the kinds authorized for investment by Article VIII of this
Code.
(Source: Laws 1959, p. 1431.)
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