Public Act 103-0815
 
HB4367 EnrolledLRB103 35503 RPS 65574 b

    AN ACT concerning regulation.
 
    Be it enacted by the People of the State of Illinois, 
represented in the General Assembly:
 
    Section 5. The Illinois Insurance Code is amended by 
changing Section 534.4 as follows:
 
    (215 ILCS 5/534.4)  (from Ch. 73, par. 1065.84-4)
    Sec. 534.4. "Insolvent company" means a company organized 
as a stock company, mutual company, reciprocal or Lloyds (a) 
which holds a certificate of authority to transact insurance 
in this State either at the time the policy was issued or when 
the insured event occurred, or any company which has assumed 
or has been allocated such policy obligation through merger, 
division, insurance business transfer, consolidation, or 
reinsurance, whether or not such assuming company held a 
certificate of authority to transact insurance in this State 
at the time such policy was issued or when the insured event 
occurred; and (b) against which a final Order of Liquidation 
with a finding of insolvency to which there is no further right 
of appeal has been entered by a court of competent 
jurisdiction in the company's State of domicile after the 
effective date of this Article. When a policy obligation is 
assumed or allocated through merger, division, insurance 
business transfer, consolidation, or reinsurance, nothing in 
this Section shall be construed to create Fund coverage if 
none existed at the time of assumption or allocation or to 
destroy Fund coverage if it existed at the time of assumption 
or allocation. 
(Source: P.A. 103-75, eff. 6-9-23.)
 
    Section 99. Effective date. This Act takes effect upon 
becoming law.

Effective Date:  8/9/2024