(215 ILCS 5/254) (from Ch. 73, par. 866)
Sec. 254.
Scope of
article.
(1) This article shall apply to
(a) all companies transacting or being organized to transact the kind or
kinds of business described in Class 1 of section 4 upon an assessment
legal reserve basis;
(b) companies organized or operating prior to the effective date of this
Code, under an Act entitled "An Act to incorporate, regulate and control
assessment life insurance companies," approved July 14, 1927; and
(c) assessment life insurance companies organized or operating prior to
the effective date of this Code, under an Act entitled "An Act to
incorporate companies doing the business of life or accident insurance on
the assessment plan and to control such companies of this State and of
other states doing business in this State, and to repeal a certain Act
therein named and providing and fixing the punishment for violation of the
provisions thereof," approved June 22, 1893.
(2) The provisions of this article shall not affect the rights and
obligations of the companies specified in clauses (b) and (c) of subsection
(1) or their members on any contracts heretofore made.
(Source: Laws 1937, p. 696.)
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