SB1632 Engrossed LRB096 07716 RPM 17817 b

1     AN ACT concerning insurance.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Illinois Insurance Code is amended by
5 changing Section 451 as follows:
 
6     (215 ILCS 5/451)  (from Ch. 73, par. 1063)
7     Sec. 451. Companies not subject to code.
8     This Code shall not apply to companies now or hereafter
9 organized or transacting business under the Title Insurance Act
10 an Act entitled "An Act to provide for and regulate the
11 business of guaranteeing titles to real estate by
12 corporations," approved May 13, 1901, or Act amendatory
13 thereof, or supplementary thereto, or in replacement thereof;
14 nor to corporations now or hereafter organized and transacting
15 business under "An Act to provide for the incorporation and
16 regulation of nonprofit hospital service corporations"
17 approved July 6, 1935, or Act act amendatory thereof or
18 supplementary thereto; nor shall any part of this Code other
19 than Articles articles X, XI, XIII, and XXIV apply to companies
20 now or hereafter organized or transacting business under an Act
21 entitled, "An Act relating to local mutual district, county and
22 township insurance companies," approved March 13, 1936, or Act
23 amendatory thereof or supplementary thereto. No domestic

 

 

SB1632 Engrossed - 2 - LRB096 07716 RPM 17817 b

1 company shall be organized under this Code, nor shall any
2 foreign or alien company receive a certificate of authority
3 under this Code, to transact the business of title insurance
4 guaranteeing or insuring titles to real estate. The changes
5 made to this Section by this amendatory Act of the 96th General
6 Assembly is a statement and clarification of existing law.
7 (Source: Laws 1937, p. 696.)