96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB1632


 
Introduced 2/19/2009, by Sen. Ira I. Silverstein
 
SYNOPSIS AS INTRODUCED:
 		














215 ILCS 5/451
  from Ch. 73, par. 1063







    Amends the Illinois Insurance Code. Provides that the provision concerning companies
not subject to the Code applies to companies organized or
doing business under the Title Insurance Act (instead of "An Act to provide for and
regulate the business of guaranteeing titles to real estate by
corporations"). Provides that the amendatory Act is a statement and clarification of existing law. Makes other changes.
















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A BILL FOR









 











SB1632

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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 
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changing Section 451 as follows:
 



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    (215 ILCS 5/451)  (from Ch. 73, par. 1063)



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    Sec. 451. 
Companies
not subject to code.

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    This Code shall not apply to companies now or hereafter 
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organized or
transacting business under the Title Insurance Act 
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an Act entitled "An Act to provide for and
regulate the 
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business of guaranteeing titles to real estate by

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corporations," approved May 13, 1901, or Act amendatory 
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thereof, or
supplementary thereto, or in replacement thereof; 
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nor to corporations now or hereafter organized and
transacting 
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business under "An Act to provide for the incorporation and

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regulation of nonprofit hospital service corporations" 
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approved July 6,
1935, or Act act amendatory thereof or 
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supplementary thereto; nor shall any
part of this Code other 
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than Articles articles X, XI, XIII, and XXIV apply to
companies 
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now or hereafter organized or transacting business under an Act

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entitled, "An Act relating to local mutual district, county and 
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township
insurance companies," approved March 13, 1936, or Act 
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amendatory thereof
or supplementary thereto. No domestic 
 


 






SB1632
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company shall be organized under this
Code, nor shall any 
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foreign or alien company receive a certificate of
authority 
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under this Code, to transact the business of title insurance 
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guaranteeing or
insuring titles to real estate. The changes 
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made to this Section by this amendatory Act of the 96th General 
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Assembly is a statement and clarification of existing law. 

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(Source: Laws 1937, p. 696.)