Illinois Compiled Statutes 215 Insurance: Article II - Domestic Stock Companies
- Illinois Insurance Code. - 215 ILCS 5, Section 6
Scope of article. This article shall apply to all domestic stock companies transacting or being organized to transact any of the kinds of insurance...
- Illinois Insurance Code. - 215 ILCS 5, Section 7
Name. The corporate name of any company organized under this article shall not be the same as, or deceptively similar to, the name of...
- Illinois Insurance Code. - 215 ILCS 5, Section 8
Principal office and place of business. The principal office of any company organized under this article shall be located in this State. Unless the...
- Illinois Insurance Code. - 215 ILCS 5, Section 9
Authorized kinds of business. (1) Companies may be organized under this article either for the purpose of transacting any of the kind or kinds...
- Illinois Insurance Code. - 215 ILCS 5, Section 10
Directors. (1) After the date of incorporation, as determined by Section 18, and until the first meeting of shareholders, the incorporators shall have the...
- Illinois Insurance Code. - 215 ILCS 5, Section 11
Executive committee. If the by-laws of any company subject to the provisions of this article, so provide, the board of directors, by a resolution...
- Illinois Insurance Code. - 215 ILCS 5, Section 12
By-laws. (1) The incorporators shall adopt by-laws for the company and such by-laws may not be altered, amended, or repealed, prior to the issuance...
- Illinois Insurance Code. - 215 ILCS 5, Section 13
Minimum capital and surplus requirements. (1) A company organized after December 31, 1985 under this Article must have and at all times maintain a...
- Illinois Insurance Code. - 215 ILCS 5, Section 14
Incorporators. Any one or more natural persons, at least one of whom is a resident of this State, who desire to form a company...
- Illinois Insurance Code. - 215 ILCS 5, Section 14.1
Articles of incorporation. The articles shall set forth: (a) the corporate name; (b) the location of its principal office; (c) the period of duration,...
- Illinois Insurance Code. - 215 ILCS 5, Section 15
Documents to be delivered to director by incorporators. Upon the execution of the articles of incorporation, there shall be delivered to the Director (a)...
- Illinois Insurance Code. - 215 ILCS 5, Section 16
Organization bonds. (1) The incorporators except as stated in subsection (3) of this Section, shall deliver to the Director two bonds in favor of...
- Illinois Insurance Code. - 215 ILCS 5, Section 17
Publication of intention. (1) Upon complying with the provisions of section 15, the incorporators shall cause to be published in a newspaper of general...
- Illinois Insurance Code. - 215 ILCS 5, Section 18
Approval of documents. (1) If the Director finds that the documents and papers so delivered comply with this Code, he must place on file...
- Illinois Insurance Code. - 215 ILCS 5, Section 19
Recording articles of incorporation. The duplicate original of the articles of incorporation returned by the Director shall be filed for record, within 15 days...
- Illinois Insurance Code. - 215 ILCS 5, Section 20
Authority to solicit subscriptions. (1) Upon the approval of the articles of incorporation by the Director and upon compliance with such reasonable regulations relating...
- Illinois Insurance Code. - 215 ILCS 5, Section 21
Subscription agreement. (1) The Company and each subscriber shall enter into an agreement for the subscription to the shares of the company and such...
- Illinois Insurance Code. - 215 ILCS 5, Section 21.1
Escrow Agreement. The company and the bank or trust company designated in the subscription agreement shall execute an escrow agreement. The escrow agreement shall...
- Illinois Insurance Code. - 215 ILCS 5, Section 22
Payments for shares-Promotion expenses. The net proceeds of all subscriptions to shares prior to the issuance of a certificate of authority to the company...
- Illinois Insurance Code. - 215 ILCS 5, Section 23
Deposit of proceeds of shares - When subscribers deemed shareholders. (1) The cash or securities received by the Company upon subscriptions for shares shall...
- Illinois Insurance Code. - 215 ILCS 5, Section 24
Certificate of authority to do an insurance business. When the Director has been notified that the capital required by the articles of incorporation has...
- Illinois Insurance Code. - 215 ILCS 5, Section 25
Voluntary surrender of the articles of incorporation. At any time prior to the issuance of the certificate of authority to the company the articles...
- Illinois Insurance Code. - 215 ILCS 5, Section 26
Deposit. (a) A company subject to the provisions of this Article shall make and maintain with the Director for the protection of all creditors, policyholders...
- Illinois Insurance Code. - 215 ILCS 5, Section 27
Dividends and other distributions. (1) The board of directors of any company subject to this Article may declare and the company may pay dividends...
- Illinois Insurance Code. - 215 ILCS 5, Section 27.1
Treasury shares.) "Treasury shares" means (a) shares of a company which have been issued, have been subsequently acquired by and belong to the company,...
- Illinois Insurance Code. - 215 ILCS 5, Section 28
Dealing in shares of company. (1) A company subject to the provisions of this article shall have the power to purchase, take, receive, or...
- Illinois Insurance Code. - 215 ILCS 5, Section 28.1
Dealing in shares of company by officers, directors and principal stockholders. (a) Any person who is directly or indirectly the beneficial owner of more...
- Illinois Insurance Code. - 215 ILCS 5, Section 28.2
Proxies, consents and authorizations of domestic stock companies. (a) The Director is authorized to regulate proxies, consents, and authorizations in respect of securities issued...
- Illinois Insurance Code. - 215 ILCS 5, Section 28.2a
Proxies. (1) A shareholder may appoint a proxy to vote or otherwise act for him or her by signing an appointment form and delivering...
- Illinois Insurance Code. - 215 ILCS 5, Section 29
Amendment of articles of incorporation. (1) A company subject to the provisions of this article may amend its articles of incorporation in any respect...
- Illinois Insurance Code. - 215 ILCS 5, Section 30
Approval of amendment. The restated articles of incorporation and the other documents so delivered to the Director may be approved or disapproved by the...
- Illinois Insurance Code. - 215 ILCS 5, Section 31
Recording restated articles of incorporation. The duplicate original of the restated articles of incorporation returned by the Director shall be filed for record, within...
- Illinois Insurance Code. - 215 ILCS 5, Section 32
Increase in capital. (1) Any company subject to this Article may increase its paid-up capital either by issuing additional shares not to exceed the...
- Illinois Insurance Code. - 215 ILCS 5, Section 32.1
Stock option plans. A company subject to this Article which has done business in Illinois for 3 or more years and which has adopted...
- Illinois Insurance Code. - 215 ILCS 5, Section 33
Decrease of capital. (1) When articles of amendment providing for a decrease of capital or a decrease in the par value of shares, or...
- Illinois Insurance Code. - 215 ILCS 5, Section 34
Procedure when insufficient assets possessed by company. (1) Whenever the Director finds that the admitted assets of any company subject to the provisions of...
- Illinois Insurance Code. - 215 ILCS 5, Section 34.1
Subordinated indebtedness. A company organized under this Article may borrow or assume a liability for the repayment of a sum of money under a...
- Illinois Insurance Code. - 215 ILCS 5, Section 35
Stock companies may become mutuals. (1) Any domestic stock company may become a mutual company by complying with the provisions of this section. (2)...
- Illinois Insurance Code. - 215 ILCS 5, Section 35.1
Par value of stock. No company organized after August 10, 1961 under this article shall issue any shares of stock having a par value...
Last modified: February 18, 2015