Illinois Compiled Statutes 215 ILCS 5/1730 – Approval; denial; insurance business transfer plans
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a) After the comment period pursuant to subsection (f) of Section 1725 has ended the insurance business transfer plan shall be presented by the applicant for approval by the court.
(b) At any time before the court issues an order approving the insurance business transfer plan, the applicant may withdraw the petition without prejudice.
(c) If the court finds that the implementation of the insurance business transfer plan would not materially adversely affect the interests of policyholders, reinsurers, or claimants that are part of the subject business, the court shall enter a judgment and implementation order. The judgment and implementation order shall:
(1) order implementation of the insurance business
(b) At any time before the court issues an order approving the insurance business transfer plan, the applicant may withdraw the petition without prejudice.
Terms Used In Illinois Compiled Statutes 215 ILCS 5/1730
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(c) If the court finds that the implementation of the insurance business transfer plan would not materially adversely affect the interests of policyholders, reinsurers, or claimants that are part of the subject business, the court shall enter a judgment and implementation order. The judgment and implementation order shall:
(1) order implementation of the insurance business
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transfer plan;
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(2) order a statutory novation with respect to all
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policyholders or reinsureds and their respective policies and reinsurance agreements under the subject business, including the extinguishment of all rights of policyholders under policies that are part of the subject business against the transferring insurer, and providing that the transferring insurer shall have no further rights, obligations, or liabilities with respect to such policies, and that the assuming insurer shall have all such rights, obligations, and liabilities as if it were the original insurer of such policies;
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(3) release the transferring insurer from all
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obligations or liabilities under policies that are part of the subject business;
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(4) authorize and order the transfer of property
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or liabilities, including, but not limited to, the ceded reinsurance of transferred policies and contracts on the subject business, notwithstanding any non-assignment provisions in any such reinsurance contracts. The subject business shall vest in and become liabilities of the assuming insurer;
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(5) order that the applicant provide notice of the
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transfer and novation in accordance with the notice provisions in Section 1715; and
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(6) make such other provisions with respect to
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incidental, consequential, and supplementary matters as are necessary to assure the insurance business transfer plan is fully and effectively carried out.
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(d) If the court finds that the insurance business transfer plan should not be approved, the court by its order shall deny the petition.
(e) The applicant shall have 30 days following the withdrawal or denial of the petition to file an amended business transfer plan with the Director in accordance with Section 1720.
(f) Nothing in this Section in any way affects the right of appeal of any party.
(e) The applicant shall have 30 days following the withdrawal or denial of the petition to file an amended business transfer plan with the Director in accordance with Section 1720.
(f) Nothing in this Section in any way affects the right of appeal of any party.