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90_HB1552sam001
LRB9004923JSsbam
1 AMENDMENT TO HOUSE BILL 1552
2 AMENDMENT NO. . Amend House Bill 1552 on page 1 by
3 replacing line 2 with the following:
4 "Section 534.4."; and
5 on page 1 by replacing lines 6 through 31 with the following:
6 "changing Section 534.4 as follows:
7 (215 ILCS 5/534.4) (from Ch. 73, par. 1065.84-4)
8 Sec. 534.4. Insolvent company. "Insolvent company"
9 means a company organized as a stock company, mutual company,
10 reciprocal or Lloyds (a) which holds a certificate of
11 authority to transact insurance in this State either at the
12 time the policy was issued or when the insured event
13 occurred, or any company which has assumed such policy
14 obligation through merger, consolidation or reinsurance,
15 whether or not such assuming company held a certificate of
16 authority to transact insurance in this State at the time
17 such policy was issued or when the insured event occurred;
18 and (b) against which an Order of Liquidation with a finding
19 of insolvency has been entered by a court of competent
20 jurisdiction in the company's State of domicile after the
21 effective date of this Article, and which Order of
22 Liquidation has not been stayed or been the subject of a writ
-2- LRB9004923JSsbam
1 or supersedeas or other comparable order."; and
2 (Source: P.A. 85-576.)"; and
3 by deleting all of pages 2 through 7 of the bill.