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| Public Act 098-0136 | ||||
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AN ACT concerning insurance.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Insurance Code is amended by adding | ||||
Section 188.2 as follows: | ||||
(215 ILCS 5/188.2 new) | ||||
Sec. 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 Reform and Consumer Protection Act. | ||||
(a) The provisions of this Section apply in accordance with | ||||
Title II of the federal Dodd-Frank Wall Street Reform and | ||||
Consumer Protection Act,
P.L. 111-203, with respect to an | ||||
insurance company that is a covered financial company,
as that | ||||
term is defined under 12 U.S.C. 5381. | ||||
(b) The Director may file a complaint for an order of | ||||
rehabilitation or liquidation pursuant to
Section 188 of this | ||||
Code on any of the following grounds: | ||||
(1) upon a determination and notification given by the | ||||
Secretary of the Treasury of the United States (in | ||||
consultation
with the President of the United States) that | ||||
the insurance company is a financial company satisfying the
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requirements of 12 U.S.C. 5383(b), and the board of | ||||
directors (or body performing
similar functions) of the | ||
insurance company acquiesces or consents to the | ||
appointment of
a receiver pursuant to 12 U.S.C. | ||
5382(a)(l)(A)(i), with such consent to be considered as
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consent to an order of rehabilitation or liquidation; | ||
(2) upon an order of the United States District Court | ||
for the District of Columbia under 12
U.S.C. | ||
5382(a)(l)(A)(iv)(I) granting the petition of the | ||
Secretary of the Treasury
of the United States concerning | ||
the insurance company under 12 U.S.C. 5382(a)(l)(A)(i); or | ||
(3) a petition by the Secretary of the Treasury of the | ||
United States concerning the insurance company is granted
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by operation of law under 12 U.S.C. 5382(a)(l)(A)(v). | ||
(c) Notwithstanding any other provision in this Article, | ||
this Code, or any other law, after notice to the
insurance | ||
company, the receivership court may grant an order on the | ||
complaint for
rehabilitation or liquidation within 24 hours | ||
after the filing of a complaint pursuant to this
Section. | ||
(d) If the receivership court does not make a determination | ||
on a complaint for rehabilitation or liquidation
filed by the | ||
Director pursuant to this Section within 24 hours after its | ||
filing, then it shall be
deemed granted by operation of law | ||
upon the expiration of the 24-hour period. At the time
that an | ||
order is deemed granted under this Section, the provisions of | ||
Article XIII of this Code
shall be deemed to be in effect, and | ||
the Director shall be deemed to be affirmed as receiver and | ||
have all of the applicable powers provided by this Code, | ||
regardless of whether an order
has been entered. The | ||
receivership court shall expeditiously enter an order of | ||
rehabilitation
or liquidation that: | ||
(1) is effective as of the date that it is deemed | ||
granted by operation of law; and | ||
(2) conforms to the provisions for rehabilitation or | ||
liquidation contained in Article XIII
of this Code, as | ||
applicable. | ||
(e) Any order of rehabilitation or liquidation made | ||
pursuant to this Section shall not be subject to
any stay or | ||
injunction pending appeal. | ||
(f) Nothing in this Section shall be construed to supersede | ||
or impair any other power or
authority of the Director or the | ||
court under this Article or Code.
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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