(Section scheduled to be repealed on January 1, 2027)

411 words·~2 min read·/il/chapter-215/act-5/1-4

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 103. Alien Lloyds.

(1)Each alien Lloyds authorized to transact business in this State shall

(a)maintain in this State or any other state of the United States in which they are

authorized to transact business, cash or securities 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 of admitted assets required by this Article for a domestic Lloyds doing the same kind or kinds of business;

(b)make deposits of underwriters in this State in accordance with the requirements

imposed upon domestic Lloyds;

(c)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 in this State are held;

(d)notify the Director forthwith of any amendment to its power of attorney, deposit

agreement or other documents by filing with the Director an authenticated copy of such document as amended; and

(e)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)An alien 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 for such Lloyds, who or which shall be a resident person or corporation of this State, at the time of filing the annual statement, or more often if required by the Director, a verified statement 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.

(4)Additional underwriters may join and be included in any such Lloyds subject to such conditions and requirements as may from time to time be imposed by such Lloyds and upon meeting the requirements of this Section, such additional underwriters who may so join such Lloyds shall be bound by the documents on file with the Director in the same manner as though they had personally executed the same and shall have the same rights, powers and duties as all other underwriters of such Lloyds. The attorney-in-fact authorized by the underwriters to act for them shall thereafter be the attorney-in-fact for such additional underwriters to the extent of the power of attorney or other document or authorization by such underwriters to the attorney-in-fact.