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(215 ILCS 5/86) (from Ch. 73, par. 698)
(Section scheduled to be repealed on January 1, 2027)
Sec. 86. Scope of Article.
(1) This Article applies to all groups including
incorporated and
individual unincorporated underwriters transacting an insurance business in
this State through an
attorney-in-fact under the name Lloyds or under a Lloyds plan of operation.
Groups that meet the requirements of subsection (3) are referred to
in this Code as "Lloyds", and incorporated and individual unincorporated
underwriters are referred to as "underwriters".
(2) As used in this Code: "Domestic Lloyds" means a Lloyds having its
home office in this State. "Foreign Lloyds" means a Lloyds having its home
office in any state of the United States other than this State. "Alien
Lloyds" means a Lloyds having its home office or principal place of
business in any country other than the United States.
(3) A domestic Lloyds must: (i) be established pursuant to a statute or
written charter; (ii) provide for governance by a board of directors or similar
body; and (iii) establish and monitor standards of solvency of its
underwriters. A foreign or alien Lloyds must be subject to requirements of its
state or country of domicile. Those requirements must be substantially similar
to those required
of domestic Lloyds. Domestic, foreign, and alien Lloyds shall
not be
subject to Section 144 of this Code.
(4) All foreign and alien
entities and individuals transacting an insurance business as domestic,
foreign, or alien
Lloyds shall notify the Director and the Secretary of State under the
provisions of this Article, shall be
regulated exclusively by the Director, and shall not be required to obtain a
certificate of authority from the Secretary of State pursuant to any other law
of this State so long as they solely transact business as a domestic, foreign,
or alien Lloyds. Upon notification, the Secretary of State may require
submission of additional information to determine whether a foreign or alien
individual or entity is transacting business solely as a domestic, foreign, or
alien Lloyds.
(Source: P.A. 100-863, eff. 8-14-18.)
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