Illinois Compiled Statutes 215 ILCS 5 Illinois Insurance Code. Section 45.1

    (215 ILCS 5/45.1) (from Ch. 73, par. 657.1)

    (Section scheduled to be repealed on January 1, 2017)

    Sec. 45.1. Escrow Agreements. The company shall designate a bank or trust company with whom it will enter into an escrow agreement, which agreement shall state that the organization surplus shall be placed in escrow and remain so, until an organization examination has been completed. When the examination has been completed the escrow agent is authorized to purchase securities for deposit as required by Section 53 and forward them to the Director. The escrow agent is authorized to release the balance of the escrowed funds to the company only upon notification that a Certificate of Authority or similar documentation has been issued by the Director.

(Source: P.A. 84-502.)

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Last modified: February 18, 2015