(215 ILCS 5/141.1)
(from Ch. 73, par. 753.1)
Management contracts and service agreements.
or contracts under which any person, organization or corporation is delegated
management duties or control of any domestic company, or which transfer a
substantial part of any major function of a domestic company such as adjustment
of losses, production of business, investment of assets or general servicing
of the company's business must be filed with the Department on or before the
effective date of such contract or agreement. The Director may upon notice
review these arrangements entered by foreign companies.
There shall be exempted from the filing requirement of this Section contracts
by groups of affiliated companies on a "pooled" funds basis or service company
management basis, where costs to the individual member companies are charged on
an actually incurred or closely estimated basis. However, these contracts must
be reduced to written form.
Sections 141.1, 141.2, and 141.3 shall not apply to any power of attorney
or other authority authorized by Section 67 of this Code.
(Source: P.A. 91-357, eff. 7-29-99.)