HB0095 94TH GENERAL ASSEMBLY

LRB094 02515 LJB 32516 b

94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB0095

Introduced 1/6/2005, by Rep. Lou Lang

SYNOPSIS AS INTRODUCED:

215 ILCS 5/534.4

from Ch. 73, par. 1065.84-4

Amends the Illinois Insurance Code. Makes a technical change in a Section concerning insolvent companies.

A BILL FOR

AN ACT concerning regulation.

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 534.4 as follows:

(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 the time the policy was issued or when the insured event occurred, or any company which has assumed such policy obligation through merger, 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.

(Source: P.A. 90-499, eff. 8-19-97.)