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Public Act 103-0815
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| HB4367 Enrolled | LRB103 35503 RPS 65574 b |
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AN ACT concerning regulation.
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Be it enacted by the People of the State of Illinois, |
represented in the General Assembly:
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Section 5. The Illinois Insurance Code is amended by |
changing Section 534.4 as follows:
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(215 ILCS 5/534.4) (from Ch. 73, par. 1065.84-4) |
Sec. 534.4. "Insolvent company" means a company organized |
as a stock company, mutual company, reciprocal or Lloyds (a) |
which holds a certificate of authority to transact insurance |
in this State either at the time the policy was issued or when |
the insured event occurred, or any company which has assumed |
or has been allocated such policy obligation through merger, |
division, insurance business transfer, consolidation, or |
reinsurance, whether or not such assuming company held a |
certificate of authority to transact insurance in this State |
at the time such policy was issued or when the insured event |
occurred; and (b) against which a final Order of Liquidation |
with a finding of insolvency to which there is no further right |
of appeal has been entered by a court of competent |
jurisdiction in the company's State of domicile after the |
effective date of this Article. When a policy obligation is |
assumed or allocated through merger, division, insurance |
business transfer, consolidation, or reinsurance, nothing in |