Bill Text: IL SB1632 | 2009-2010 | 96th General Assembly | Enrolled
Bill Title: 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.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2009-08-11 - Public Act . . . . . . . . . 96-0334 [SB1632 Detail]
Download: Illinois-2009-SB1632-Enrolled.html
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1 | AN ACT concerning insurance.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Insurance Code is amended by | ||||||
5 | changing Section 451 as follows:
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6 | (215 ILCS 5/451) (from Ch. 73, par. 1063)
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7 | Sec. 451.
Companies
not subject to code.
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8 | This Code shall not apply to companies now or hereafter | ||||||
9 | organized or
transacting business under the Title Insurance Act | ||||||
10 | an Act entitled "An Act to provide for and
regulate the | ||||||
11 | business of guaranteeing titles to real estate by
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12 | corporations," approved May 13, 1901 , or Act amendatory | ||||||
13 | thereof , or
supplementary thereto , or in replacement thereof ; | ||||||
14 | nor to corporations now or hereafter organized and
transacting | ||||||
15 | business under "An Act to provide for the incorporation and
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16 | regulation of nonprofit hospital service corporations" | ||||||
17 | approved July 6,
1935, or Act act amendatory thereof or | ||||||
18 | supplementary thereto; nor shall any
part of this Code other | ||||||
19 | than Articles articles X, XI, XIII, and XXIV apply to
companies | ||||||
20 | now or hereafter organized or transacting business under an Act
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21 | entitled, "An Act relating to local mutual district, county and | ||||||
22 | township
insurance companies," approved March 13, 1936, or Act | ||||||
23 | amendatory thereof
or supplementary thereto. No domestic |
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1 | company shall be organized under this
Code, nor shall any | ||||||
2 | foreign or alien company receive a certificate of
authority | ||||||
3 | under this Code, to transact the business of title insurance | ||||||
4 | guaranteeing or
insuring titles to real estate . The changes | ||||||
5 | made to this Section by this amendatory Act of the 96th General | ||||||
6 | Assembly is a statement and clarification of existing law.
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7 | (Source: Laws 1937, p. 696.)
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