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(215 ILCS 5/60i) (from Ch. 73, par. 672i)
Sec. 60i.
Consummation of domestication; transfer of assets and
deposits. (1) Upon the filing with the Director of a certified copy of
the instrument of transfer and assumption pursuant to which a domestic
company succeeds to the business and assets of the United States branch of
an alien company and assumes all its liabilities, the domestication of the
United States branch shall be deemed to be effective; and thereupon all the
rights, franchises, and interests of the United States branch in and to
every species of property, real, personal, and mixed, and things in actions
thereunder belonging shall be deemed as transferred to and vested in the
domestic company, and simultaneously therewith the domestic company shall
be deemed to have assumed all of the liabilities of the United States
branch. The domestic company shall be considered as having the age as the
oldest of the 2 parties to the domestication agreement for purposes of
complying with the requirements of laws relating to age of company.
(2) All deposits of the United States branch held by the Director, or by
state officers or other state regulatory agencies pursuant to requirements
of state laws, shall be deemed to be held as security for the satisfaction
by the domestic company of all liabilities to policyholders within the
United States assumed from the United States branch; and such deposits
shall be deemed to be assets of the domestic company and shall be reported
as such in the annual financial statements and other reports which the
domestic company may be required to file. Upon the ultimate release by any
such state officer or agency of any such deposits, the securities and cash
constituting such released deposit shall be delivered and paid over to the
domestic company as the lawful successor in interest to the United States branch.
(3) Contemporaneously with the consummation of the domestication of the
United States branch, the Director shall direct the trustee, if any, of the
U. S. branch's Trusteed Assets to transfer and deliver to the domestic
company all assets, if any, held by such trustee.
(Source: P.A. 85-1373.)
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