Illinois Compiled Statutes 215 ILCS 5/102 – Restrictions upon foreign Lloyds
Current as of: 2024 | Check for updates
|
Other versions
(1) Each foreign Lloyds authorized to transact business in this State shall
(a) maintain cash and securities, including the
(a) maintain cash and securities, including the
|
deposits of its underwriters, of a character conformable to the requirements of Article VIII of this Code for domestic companies, at least equal at all times to the minimum admitted assets required by this Article for a domestic Lloyds doing the same kind or kinds of business.
|
(b) file with the Director an authenticated copy of
|
its power of attorney and an authenticated copy of the trust agreement or other agreement under which deposits made by underwriters are held;
|
(c) notify the Director forthwith of any amendment to
|
its power of attorney, deposit agreement or other documents underlying its organization, by filing with the Director an authenticated copy of such document as amended;
|
(d) notify the Director forthwith of any change in
|
its name or change of attorney-in-fact or change of address of its attorney-in-fact.
|
(2) A foreign Lloyds shall not establish branches under other or different names or titles.
(3) There shall be filed with the Director by the attorney-in-fact of such foreign Lloyds at the time of filing the annual statement, or more often if required by the Director, a statement verified by the appropriate official of such Lloyds, setting forth
(a) the names and addresses of all underwriters of
Terms Used In Illinois Compiled Statutes 215 ILCS 5/102
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(3) There shall be filed with the Director by the attorney-in-fact of such foreign Lloyds at the time of filing the annual statement, or more often if required by the Director, a statement verified by the appropriate official of such Lloyds, setting forth
(a) the names and addresses of all underwriters of
|
such Lloyds; and
|
(b) a description of the cash and securities
|
deposited in trust by each underwriter.
|