215 ILCS 5/188.2
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIII - Rehabilitation, Liquidation, Conservation And Dissolution Of Companies

Sec. 188.2. Grounds for and provisions applicable to rehabilitation or liquidation  of a domestic company that is a covered financial company under the  federal Dodd-Frank Wall Street Reform and Consumer Protection Act.(a) The provisions of this Section apply in accordance with Title II of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act,  P.L. 111-203, with respect to an insurance company that is a covered financial company,  as that term is defined under 12 U.S.C. 5381.(b) The Director may file a complaint for an order of rehabilitation or liquidation pursuant to  Section 188 of this Code on any of the following grounds:(1) upon a determination and notification given by     the Secretary of the Treasury of the United States (in consultation with the President of the United States) that the insurance company is a financial company satisfying the requirements of 12 U.S.C.  5383(b), and the board of directors (or body performing similar functions) of the insurance company acquiesces or consents to the appointment of a receiver pursuant to 12 U.S.C.  5382(a)(1)(A)(i), with such consent to be considered as consent to an order of rehabilitation or liquidation;(2) upon an order of the United States District Court     for the District of Columbia under 12 U.S.C.  5382(a)(1)(A)(iv)(I) granting the petition of the Secretary of the Treasury of the United States concerning the insurance company under 12 U.S.C.  5382(a)(1)(A)(i); or(3) a petition by the Secretary of the Treasury of     the United States concerning the insurance company is granted by operation of law under 12 U.S.C.  5382(a)(1)(A)(v).(c) Notwithstanding any other provision in this Article, this Code, or any other law, after notice to the  insurance company, the receivership court may grant an order on the complaint for  rehabilitation or liquidation within 24 hours after the filing of a complaint pursuant to this  Section.(d) If the receivership court does not make a determination on a complaint for rehabilitation or liquidation  filed by the Director pursuant to this Section within 24 hours after its filing, then it shall be  deemed granted by operation of law upon the expiration of the 24-hour period. At the time  that an order is deemed granted under this Section, the provisions of Article XIII of this Code  shall be deemed to be in effect, and the Director shall be deemed to be affirmed as receiver and have all of the applicable powers provided by this Code, regardless of whether an order  has been entered. The receivership court shall expeditiously enter an order of rehabilitation  or liquidation that:(1) is effective as of the date that it is deemed     granted by operation of law; and(2) conforms to the provisions for rehabilitation or     liquidation contained in Article XIII of this Code, as applicable.(e) Any order of rehabilitation or liquidation made pursuant to this Section shall not be subject to  any stay or injunction pending appeal.(f) Nothing in this Section shall be construed to supersede or impair any other power or  authority of the Director or the court under this Article or Code.  (Source: P.A. 98-136, eff. 8-2-13.)