Sec. 60e. Domestication of Alien Company; definitions.
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/il/chapter-215/act-5/60eA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 60e. Domestication of Alien Company; definitions. As used in Sections 60e through 60i:
(1)"Domestication" means the reorganization of the United States branch of an alien company as the result of which a domestic company shall succeed to all the business and assets and assume all the liabilities of the United States branch of the alien company.
(2)"United States branch" means the business unit through which business is transacted within the United States by an alien company and the assets and liabilities of such insurer within the United States pertaining to such business.
(3)"Domestic Company" means a stock or mutual insurer incorporated under the laws of this State.