Illinois General Assembly - Illinois Compiled Statutes

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215 ILCS 5/113

(215 ILCS 5/113) (from Ch. 73, par. 725)

(Section scheduled to be repealed on January 1, 2027)

Sec. 113.

When
certificate of authority to issue.

When a foreign or alien company has complied with the requirements of
this Article and all other requirements imposed on such company by existing
laws and has paid the taxes, fees and charges imposed by law, and the
operational history of the company when reviewed in conjunction with its
loss experience, the kinds and nature of risks insured, the financial
condition of the company and its ownership and the ratio of annual premium
volume to incurred acquisition expenses and to its policyholders' surplus
indicates a condition such that the expanded operation of the company in
this State will not create a condition which might be hazardous to its
policyholders, creditors or the general public, the Director must file in
his office the documents delivered to him and must issue to the company a
certificate of authority to transact in this State the kind or kinds of
business specified therein. Such certificate shall expire on the 30th day
of June of the calendar year succeeding the calendar year in which such
certificate is issued.

(Source: P.A. 77-1513.)