HB4367 EnrolledLRB103 35503 RPS 65574 b HB4367 Enrolled LRB103 35503 RPS 65574 b
HB4367 Enrolled LRB103 35503 RPS 65574 b
1 AN ACT concerning regulation.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Insurance Code is amended by
5 changing Section 534.4 as follows:
6 (215 ILCS 5/534.4) (from Ch. 73, par. 1065.84-4)
7 Sec. 534.4. "Insolvent company" means a company organized
8 as a stock company, mutual company, reciprocal or Lloyds (a)
9 which holds a certificate of authority to transact insurance
10 in this State either at the time the policy was issued or when
11 the insured event occurred, or any company which has assumed
12 or has been allocated such policy obligation through merger,
13 division, insurance business transfer, consolidation, or
14 reinsurance, whether or not such assuming company held a
15 certificate of authority to transact insurance in this State
16 at the time such policy was issued or when the insured event
17 occurred; and (b) against which a final Order of Liquidation
18 with a finding of insolvency to which there is no further right
19 of appeal has been entered by a court of competent
20 jurisdiction in the company's State of domicile after the
21 effective date of this Article. When a policy obligation is
22 assumed or allocated through merger, division, insurance
23 business transfer, consolidation, or reinsurance, nothing in
HB4367 Enrolled LRB103 35503 RPS 65574 b
HB4367 Enrolled- 2 -LRB103 35503 RPS 65574 b HB4367 Enrolled - 2 - LRB103 35503 RPS 65574 b
HB4367 Enrolled - 2 - LRB103 35503 RPS 65574 b
1 this Section shall be construed to create Fund coverage if
2 none existed at the time of assumption or allocation or to
3 destroy Fund coverage if it existed at the time of assumption
4 or allocation.
5 (Source: P.A. 103-75, eff. 6-9-23.)
HB4367 Enrolled - 2 - LRB103 35503 RPS 65574 b