Illinois General Assembly - Illinois Compiled Statutes

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215 ILCS 5/534.5

(215 ILCS 5/534.5) (from Ch. 73, par. 1065.84-5)

Sec. 534.5.

Member company.

"Member Company" means any insurance
company organized as a
stock company, mutual company, reciprocal or Lloyds, which holds a certificate
of authority to transact
any kind of insurance in this State to
which this Article applies, and which is either:

(a) a domestic insurance company formed before or after the
effective date of this Article; or

(b) a foreign or alien insurance company.

An insurance company shall cease to be a member company effective on the
day following the termination or expiration of its license to transact the
kinds of insurance to which this Article applies; provided, however, that the
insurance company shall remain liable as a member company for any and all
obligations, including obligations for assessments levied before the
termination or expiration of the insurance company's license and assessments
levied after the termination or expiration, based on any insolvency as to which
the determination of insolvency by a court of competent jurisdiction occurs
before the termination or expiration of the insurance company's license.

(Source: P.A. 89-97, eff. 7-7-95.)