Illinois Compiled Statutes 215 ILCS 5/35B-10 – Definitions
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As used in this Article:
“Assets” means all assets or property, whether real, personal or mixed, tangible or intangible, and any right or interest therein, including all rights under contracts and other agreements.
“Capital” means the capital stock component of statutory surplus, as defined in the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, version effective January 1, 2001, and subsequent revisions.
“Divide” or “division” means the act by operation of law by which a domestic stock company divides into 2 or more resulting companies in accordance with a plan of division and this Article;
“Dividing company” means a domestic stock company that approves a plan of division pursuant to Section 35B-20;
“Domestic stock company” means a domestic stock company transacting or being organized to transact any of the kinds of insurance business enumerated in Section 4.
“Liability” means a liability or obligation of any kind, character, or description, whether known or unknown, absolute or contingent, accrued or unaccrued, disputed or undisputed, liquidated or unliquidated, secured or unsecured, joint or several, due or to become due, determined, determinable, or otherwise.
“New company” means a domestic stock company that is created by a division occurring on or after the effective date of this amendatory Act of the 100th General Assembly.
“Plan of division” means a plan of division approved by a dividing company in accordance Section 35B-20.
“Policy liability” means a liability as defined in this Section arising out of or related to an insurance policy, contract of insurance, or reinsurance agreement.
“Recorder” means the office of the recorder of the county where the principal office of a domestic stock company is located.
“Resulting company” means a domestic stock company created by a division or a dividing company that survives a division.
“Shareholder” means the person in whose name shares are registered in the records of a corporation or the beneficial owner of shares to the extent of the rights granted by a nominee certificate on file with a corporation.
“Sign” or “signature” includes a manual, facsimile, or conformed or electronic signature.
“Surplus” means total statutory surplus less capital, calculated in accordance with the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, version effective January 1, 2001, and subsequent revisions.
“Transfer” includes an assignment, assumption, conveyance, sale, lease, encumbrance, including a mortgage or security interest, gift, or transfer by operation of law.
“Assets” means all assets or property, whether real, personal or mixed, tangible or intangible, and any right or interest therein, including all rights under contracts and other agreements.
Terms Used In Illinois Compiled Statutes 215 ILCS 5/35B-10
- Capital: means the capital stock component of statutory surplus, as defined in the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, version effective January 1, 2001, and subsequent revisions. See Illinois Compiled Statutes 215 ILCS 5/35B-10
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- division: means the act by operation of law by which a domestic stock company divides into 2 or more resulting companies in accordance with a plan of division and this Article;
"Dividing company" means a domestic stock company that approves a plan of division pursuant to Section 35B-20;
"Domestic stock company" means a domestic stock company transacting or being organized to transact any of the kinds of insurance business enumerated in Section 4. See Illinois Compiled Statutes 215 ILCS 5/35B-10 - Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Liability: means a liability or obligation of any kind, character, or description, whether known or unknown, absolute or contingent, accrued or unaccrued, disputed or undisputed, liquidated or unliquidated, secured or unsecured, joint or several, due or to become due, determined, determinable, or otherwise. See Illinois Compiled Statutes 215 ILCS 5/35B-10
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Plan of division: means a plan of division approved by a dividing company in accordance Section 35B-20. See Illinois Compiled Statutes 215 ILCS 5/35B-10
- Recorder: means the office of the recorder of the county where the principal office of a domestic stock company is located. See Illinois Compiled Statutes 215 ILCS 5/35B-10
- signature: includes a manual, facsimile, or conformed or electronic signature. See Illinois Compiled Statutes 215 ILCS 5/35B-10
- Surplus: means total statutory surplus less capital, calculated in accordance with the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, version effective January 1, 2001, and subsequent revisions. See Illinois Compiled Statutes 215 ILCS 5/35B-10
- Transfer: includes an assignment, assumption, conveyance, sale, lease, encumbrance, including a mortgage or security interest, gift, or transfer by operation of law. See Illinois Compiled Statutes 215 ILCS 5/35B-10
“Capital” means the capital stock component of statutory surplus, as defined in the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, version effective January 1, 2001, and subsequent revisions.
“Divide” or “division” means the act by operation of law by which a domestic stock company divides into 2 or more resulting companies in accordance with a plan of division and this Article;
“Dividing company” means a domestic stock company that approves a plan of division pursuant to Section 35B-20;
“Domestic stock company” means a domestic stock company transacting or being organized to transact any of the kinds of insurance business enumerated in Section 4.
“Liability” means a liability or obligation of any kind, character, or description, whether known or unknown, absolute or contingent, accrued or unaccrued, disputed or undisputed, liquidated or unliquidated, secured or unsecured, joint or several, due or to become due, determined, determinable, or otherwise.
“New company” means a domestic stock company that is created by a division occurring on or after the effective date of this amendatory Act of the 100th General Assembly.
“Plan of division” means a plan of division approved by a dividing company in accordance Section 35B-20.
“Policy liability” means a liability as defined in this Section arising out of or related to an insurance policy, contract of insurance, or reinsurance agreement.
“Recorder” means the office of the recorder of the county where the principal office of a domestic stock company is located.
“Resulting company” means a domestic stock company created by a division or a dividing company that survives a division.
“Shareholder” means the person in whose name shares are registered in the records of a corporation or the beneficial owner of shares to the extent of the rights granted by a nominee certificate on file with a corporation.
“Sign” or “signature” includes a manual, facsimile, or conformed or electronic signature.
“Surplus” means total statutory surplus less capital, calculated in accordance with the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, version effective January 1, 2001, and subsequent revisions.
“Transfer” includes an assignment, assumption, conveyance, sale, lease, encumbrance, including a mortgage or security interest, gift, or transfer by operation of law.