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Illinois Statutes Chapter 215. Insurance § 5/183. Certificate of Reorganization--Date Reorganization Effected

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 183. Certificate of Reorganization--Date Reorganization Effected. (1) Upon the execution of the articles of reorganization there shall be delivered to the Director

(a) two duplicate originals of the articles;

(b) a copy of the resolution of the board of directors, trustees or other governing body, adopting said articles, duly certified by the secretary of the company or officer corresponding thereto;

(c) information satisfactory to the Director that the company has complied with all the laws and requirements of the domiciliary state or country with reference to the proposed reorganization and the protection of policyholders; and

(d) securities of the kind and amount, if any, required as a deposit of a similar domestic company doing the same kind or kinds of business proposed to be done by the reorganized company.

(2) If the Director finds that the articles of reorganization are in accordance with the provisions of this Article, and that the company has complied with all provisions of this Code applicable to similar domestic companies, he shall approve the articles of reorganization and shall forthwith file one of the duplicate originals of the articles, together with the resolution and certificate of reorganization and certificate of authority, in his office, endorse upon the other duplicate original, his approval thereof, and deliver it together with a certificate of reorganization and a certificate of authority to the reorganized company. Upon such filing, the reorganization of the company shall be effected.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 215. Insurance § 5/183. Certificate of Reorganization--Date Reorganization Effected - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-215-insurance/il-st-sect-215-5-183/

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