(215 ILCS 5/121-10) (from Ch. 73, par. 733-10)
Sec. 121-10.
Pleadings by unauthorized insurer - bond or certificate of authority.
Before any unauthorized insurer files or causes to be filed any pleading
in any court action, suit or proceeding or any notice, order, pleading, or
process in an administrative proceeding before the Director instituted
against such person or insurer, by services made as provided in Section
121-7, such insurer must either:
(a) Deposit with the clerk of the court in which such action, suit, or
proceeding is pending, or with the Director in administrative proceedings
before him, cash or securities, or file with such clerk or Director a bond
with good and sufficient sureties, to be approved by the clerk or Director
in an amount to be fixed by the court or Director sufficient to secure the
payment of any final judgment which may be rendered in such action or
administrative proceeding; or
(b) Procure a certificate of authority to transact the business of
insurance in this State. In considering the application of an insurer for a
certificate of authority, for the purposes of this paragraph, the Director
need not assert the provisions of Section 444 against such insurer with
respect to its application if he determines that such company would
otherwise comply with the requirements for a certificate of authority.
(Source: P.A. 77-1565.)
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