SB1632enr 96TH GENERAL ASSEMBLY

SB1632 Enrolled LRB096 07716 RPM 17817 b

AN ACT concerning insurance.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Insurance Code is amended by changing Section 451 as follows:

(215 ILCS 5/451) (from Ch. 73, par. 1063)

Sec. 451. Companies not subject to code.

This Code shall not apply to companies now or hereafter organized or transacting business under the Title Insurance Act an Act entitled "An Act to provide for and regulate the business of guaranteeing titles to real estate by corporations," approved May 13, 1901, or Act amendatory thereof, or supplementary thereto, or in replacement thereof; nor to corporations now or hereafter organized and transacting business under "An Act to provide for the incorporation and regulation of nonprofit hospital service corporations" approved July 6, 1935, or Act act amendatory thereof or supplementary thereto; nor shall any part of this Code other than Articles articles X, XI, XIII, and XXIV apply to companies now or hereafter organized or transacting business under an Act entitled, "An Act relating to local mutual district, county and township insurance companies," approved March 13, 1936, or Act amendatory thereof or supplementary thereto. No domestic company shall be organized under this Code, nor shall any foreign or alien company receive a certificate of authority under this Code, to transact the business of title insurance guaranteeing or insuring titles to real estate. The changes made to this Section by this amendatory Act of the 96th General Assembly is a statement and clarification of existing law.

(Source: Laws 1937, p. 696.)