Illinois Compiled Statutes 215 Insurance: Article XIII - Rehabilitation, Liquidation, Conservation And Dissolution Of Companies
- Illinois Insurance Code. - 215 ILCS 5, Section 187
Scope of Article. (1) This Article shall apply to every corporation, association, society, order, firm, company, partnership, individual, and aggregation of individuals to which any...
- Illinois Insurance Code. - 215 ILCS 5, Section 188
Grounds for rehabilitation and liquidation of a domestic company or an unauthorized foreign or alien company. Whenever any domestic company or any unauthorized foreign...
- Illinois Insurance Code. - 215 ILCS 5, Section 188.1
Provisions for conservation of assets of a domestic, foreign, or alien company. (1) Upon the filing by the Director of a verified complaint alleging...
- Illinois Insurance Code. - 215 ILCS 5, Section 188.2
Grounds for and provisions applicable to rehabilitation or liquidation of a domestic company that is a covered financial company under the federal Dodd-Frank Wall Street...
- Illinois Insurance Code. - 215 ILCS 5, Section 189
Injunction. The court shall have jurisdiction, upon, or at any time after the filing of the complaint to issue an injunction restraining such company...
- Illinois Insurance Code. - 215 ILCS 5, Section 190
Practice, hearing, order and appeal. (1) The defendant company shall appear within 10 days after the service of the summons as in this Article...
- Illinois Insurance Code. - 215 ILCS 5, Section 190.1
Appeal of order directing liquidation - special claims procedure. (1) Within 5 days of the effective date of this amendatory Act of 1982, or, if...
- Illinois Insurance Code. - 215 ILCS 5, Section 191
Title to property of company. The Director and his successor and successors in office shall be vested by operation of law with the title...
- Illinois Insurance Code. - 215 ILCS 5, Section 192
Duties of Director as rehabilitator; termination. (1) Upon the entry of an order directing rehabilitation, the Director shall immediately proceed to conduct the business...
- Illinois Insurance Code. - 215 ILCS 5, Section 193
Duties of Director as liquidator; sales; reinsurance. (1) Upon the entry of an order directing liquidation, the Director shall immediately proceed to liquidate the...
- Illinois Insurance Code. - 215 ILCS 5, Section 194
Rights and liabilities of creditors fixed upon liquidation. (a) The rights and liabilities of the company and of its creditors, policyholders, stockholders or members...
- Illinois Insurance Code. - 215 ILCS 5, Section 195
Borrowing on the pledge of assets. For the purpose of facilitating the rehabilitation, liquidation, conservation or dissolution provided for by this article, the Director...
- Illinois Insurance Code. - 215 ILCS 5, Section 196
Order of dissolution. If the company against whom the complaint for liquidation is filed is a corporation and the complaint prays for dissolution of...
- Illinois Insurance Code. - 215 ILCS 5, Section 197
Rights, powers, and duties ancillary to domiciliary proceeding. The rights, powers, and duties of the Director as conservator, rehabilitator, or liquidator, with reference to...
- Illinois Insurance Code. - 215 ILCS 5, Section 198
Service of summons and return. (1) Upon the filing of a complaint, summons shall forthwith issue, returnable in 3 days after its date, and...
- Illinois Insurance Code. - 215 ILCS 5, Section 199
Removal of proceedings to Sangamon or Cook county. In the event an order is entered directing liquidation, rehabilitation or conservation, the Director may remove...
- Illinois Insurance Code. - 215 ILCS 5, Section 200
Examinations. The pendency of any proceeding under this Article shall in no way affect the power and authority of the Director to conduct any...
- Illinois Insurance Code. - 215 ILCS 5, Section 201
Who may apply for appointment of receiver or liquidator.) No order or judgment enjoining, restraining or interfering with the prosecution of the business of...
- Illinois Insurance Code. - 215 ILCS 5, Section 202
Appointment of special deputies; employees and professional advisors; contracts; qualified immunity. (a) For the purpose of assisting the Director in the performance of the...
- Illinois Insurance Code. - 215 ILCS 5, Section 202.1
The Director may, with the approval of the court, appoint an Advisory Committee, consisting of policyholders, claimants, or other creditors, including Guaranty Funds and...
- Illinois Insurance Code. - 215 ILCS 5, Section 203
Exemption from filing fees. The Director shall not be required to pay any fee to any public officer for filing, recording or in any...
- Illinois Insurance Code. - 215 ILCS 5, Section 204
Prohibited and voidable transfers and liens. (a)(1) A preference is a transfer of any of the property of a company to or for the benefit...
- Illinois Insurance Code. - 215 ILCS 5, Section 205
Priority of distribution of general assets. (1) The priorities of distribution of general assets from the company's estate is to be as follows: (a)...
- Illinois Insurance Code. - 215 ILCS 5, Section 205.1
Policyholder collateral, deductible reimbursements, and other policyholder obligations. (a) Any collateral held by, for the benefit of, or assigned to the insurer or the Director...
- Illinois Insurance Code. - 215 ILCS 5, Section 206
Set-offs or counterclaims. In all cases of mutual debts or mutual credits between the company and another person, such credits and debts shall be...
- Illinois Insurance Code. - 215 ILCS 5, Section 206.1
Qualified financial contracts. (a) Notwithstanding any other provision of this Article, including any other provision of this Article permitting the modification of contracts, or other...
- Illinois Insurance Code. - 215 ILCS 5, Section 207.1
Contingent Liability Policies. Upon the entry of an order of liquidation any provision in the policies of a company providing for a contingent liability...
- Illinois Insurance Code. - 215 ILCS 5, Section 208
Time to file claims. (1) When in a liquidation, rehabilitation, or conservation proceeding against an insurer under this Article an order has been entered...
- Illinois Insurance Code. - 215 ILCS 5, Section 209
Proof and allowance of claims. (1) The following provisions shall apply concerning proof and allowance of claims: (a) Proof of claim shall consist of a...
- Illinois Insurance Code. - 215 ILCS 5, Section 210
Distribution of assets; priorities; unpaid dividends. (1) Any time after the last day fixed for the filing of proofs of claims in the liquidation...
- Illinois Insurance Code. - 215 ILCS 5, Section 211.1
Termination of proceedings. (a) When all assets justifying the expense of collection and distribution have been marshaled and distributed under this Code, the Director...
- Illinois Insurance Code. - 215 ILCS 5, Section 212.1
Subpoena and document production. The court shall have jurisdiction, upon, or at any time after the filing of the complaint, upon the petition of...
- Illinois Insurance Code. - 215 ILCS 5, Section 213.5
Severability. The provisions of this Article are severable under Section 1.31 of the Statute on Statutes. (Source: P.A. 89-206, eff. 7-21-95.)
- Illinois Insurance Code. - 215 ILCS 5, Section 221
Continuation of existing proceedings. Every proceeding heretofore commenced under "An Act in relation to delinquent insurance companies, associations and societies," approved June 26, 1925,...
Last modified: February 18, 2015