(215 ILCS 155/7)
(from Ch. 73, par. 1407)
(a) Subject to the specific provisions of this Section, the
Secretary may, after a notice and hearing, order a domestic title insurance
company to limit or withdraw from certain investments, or discontinue
certain investment practices, to the extent the Secretary finds that such
investments or investment practices endanger the solvency of the company.
The Secretary may consider the general investment provisions of the Illinois
Insurance Code, as now or hereafter amended, in exercising the authority
granted under this subsection (a).
(b) A domestic title insurance company may invest in title plants. For
determination of the financial condition of such title insurance company, a
title plant shall be treated as an asset valued at actual cost except that
the combined value of all title plants owned shall be limited for asset
valuation purposes to 50% of the surplus as regards policyholders as shown
on the most recent annual statement of the title insurance company.
(c) Any investment of a domestic title insurance company acquired before
the effective date of this Act and which, under this Section, would be
considered ineligible as an investment on that date shall be disposed of
within 2 years of the effective date of this Act. The Secretary, upon
application and proof that forced sale of any such investment would be
contrary to the best interests of the title insurer or its policyholders,
may extend the period for disposal of the investment for a reasonable time.
(Source: P.A. 94-893, eff. 6-20-06.)