HB4367 EngrossedLRB103 35503 RPS 65574 b

1    AN ACT concerning regulation.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Illinois Insurance Code is amended by
5changing Section 534.4 as follows:
6    (215 ILCS 5/534.4)  (from Ch. 73, par. 1065.84-4)
7    Sec. 534.4. "Insolvent company" means a company organized
8as a stock company, mutual company, reciprocal or Lloyds (a)
9which holds a certificate of authority to transact insurance
10in this State either at the time the policy was issued or when
11the insured event occurred, or any company which has assumed
12or has been allocated such policy obligation through merger,
13division, insurance business transfer, consolidation, or
14reinsurance, whether or not such assuming company held a
15certificate of authority to transact insurance in this State
16at the time such policy was issued or when the insured event
17occurred; and (b) against which a final Order of Liquidation
18with a finding of insolvency to which there is no further right
19of appeal has been entered by a court of competent
20jurisdiction in the company's State of domicile after the
21effective date of this Article.
22(Source: P.A. 103-75, eff. 6-9-23.)



HB4367 Engrossed- 2 -LRB103 35503 RPS 65574 b

1    Section 99. Effective date. This Act takes effect upon
2becoming law.