Sec. 60h. Director's approval of domestication agreement.
134 words·~1 min read·
/il/chapter-215/act-5/60hA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 60h. Director's approval of domestication agreement. An executed counterpart of the domestication agreement, together with certified copies of the corporate proceedings of the domestic company and the alien company, approving, adopting and authorizing the execution of the domestication agreement, shall be submitted to the Director for approval. The Director shall thereupon consider the agreement, and, if the Director finds that the same is in accordance with the provisions hereof and that the interests of policyholders of the United States branch of the alien insurer and of the domestic company are not materially adversely affected, the Director shall approve the domestication agreement and authorize the consummation thereof in compliance with the provisions of Section 60i.
The Director shall approve or disapprove the domestication agreement within 60 days after it is submitted to the Director.