reglab/housing_qa huggingface dataset:
215 ILCS 5/156
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article X - Merger, Consolidation Or Plans Of Exchange

 (from Ch. 73, par. 768)Sec. 156. Merger and  consolidation permitted.(a) Upon complying with the provisions of this article, any domestic  company, except a Lloyds, is hereby authorized and empowered to merge or  consolidate with any domestic company or with any foreign or alien company,  except a Lloyds if the surviving company meets the requirements for  authorization to engage in the insurance business in this state and, if  such merger or consolidation is authorized by the laws of the state or  country under which such foreign or alien company is incorporated or  organized.(b) The Director may permit the formation of a domestic stock company that is established for the sole purpose of merging or consolidating with an existing stock company simultaneously with the effectiveness of a division authorized by this Code. Upon request of the dividing company, the Director may waive the requirements of Section 131.8 of this Code. Each domestic stock company formed under this subsection shall be deemed to exist before a merger and division under this Section becomes effective, but solely for the purpose of being a party to such merger and division. The Director shall not require that such domestic stock company be licensed to transact insurance business in this state before such merger and division. All insurance policies, annuities, or reinsurance agreements allocated to such domestic stock company shall become the obligation of the domestic stock company that survives the merger simultaneously with the effectiveness of the merger and division. The plan of merger or consolidation shall be deemed to have been authorized and approved by such domestic stock company if the dividing company authorized and approved such plan. The certificate of merger shall state that it was approved by the domestic stock company formed under this subsection.   (Source: P.A. 100-1118, eff. 11-27-18.)
215 ILCS 5/156.1
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article X - Merger, Consolidation Or Plans Of Exchange

 (from Ch. 73, par. 768.1)Sec. 156.1.     Acquisition by exchange of stock permitted.     Any domestic stock insurance company may adopt a plan of exchange of the  outstanding stock of its stockholders for the consideration herein  designated to be paid or provided by a corporation which acquires such  stock, in the manner provided in this Article.The plan of exchange may provide that the acquiring corporation, as  consideration for the stock of the domestic corporation, (1) transfer  shares of its stock, or (2) transfer other securities issued by it, or (3)  pay cash therefor, or (4) pay or provide other consideration, or (5) pay or  provide any combination of the foregoing types of consideration."Acquiring corporation", as used in this Article, means any stock  insurance corporation incorporated under this Code or under prior laws of  this State relating to the incorporation of domestic insurance  corporations; any stock corporation incorporated under the "Business  Corporation Act of 1983" or under prior laws of this State authorizing the  establishment of business corporations; and any foreign or alien stock  corporation qualified to do business in Illinois and registered by the  corporation department; and any foreign or alien stock insurance company  authorized to do business in Illinois.    (Source: P.A. 83-1362.)
215 ILCS 5/157
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article X - Merger, Consolidation Or Plans Of Exchange

 (from Ch. 73, par. 769)Sec. 157.         Powers of  company not enlarged.Nothing in this article contained shall be construed to authorize any  company to engage in any kind of insurance business not authorized by its  articles of incorporation nor to authorize any foreign or alien company to  engage in any kind of insurance business in this State not covered by its  certificate of authority to do business in this State.    (Source: Laws 1937, p. 696.)
215 ILCS 5/158
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article X - Merger, Consolidation Or Plans Of Exchange

 (from Ch. 73, par. 770)Sec. 158.     Resolutions for merger or consolidation or adoption of a plan of exchange.The Board of Directors, Trustees or other governing body of each  domestic company desiring to merge or consolidate or to adopt a plan of  exchange shall, by resolution, approve an agreement of merger or  consolidation or plan of exchange, as the case may be, setting forth:(a) the names of the companies proposing to merge or consolidate or to  adopt a plan of exchange, and the names of the states or countries under  which each of the companies is incorporated or organized;(b) in the case of a merger, the name of the company into which they  propose to merge, hereafter designated as the surviving company; in the  case of a consolidation, the name of the company into which they propose to  consolidate, hereafter designated as the new company, and the name of the  state or country under the laws of which the new company is to be  incorporated or organized;(c) the terms and conditions of the proposed merger or consolidation or  plan of exchange, and the mode of carrying the same into effect;(d) the manner and basis of converting the shares of stock, if any, of  each merging or consolidating company into shares, securities and  obligations, if any are to be issued, of the surviving or new company as  the case may be;(e) in the case of a merger, a statement of any changes in the articles  of incorporation of the surviving company; in the case of consolidation,  all the statements with respect to the new company required to be set forth  in original articles of incorporation for a similar company formed under  this Code; and(f) such other provisions with respect to the merger or consolidation or  plan of exchange as are deemed necessary or advisable.    (Source: Laws 1967, p. 2406.)
215 ILCS 5/160
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article X - Merger, Consolidation Or Plans Of Exchange

 (from Ch. 73, par. 772)Sec. 160.         Execution  of agreement or plan of exchange by domestic company.Upon such approval of an agreement of merger or consolidation or plan of  exchange it shall be executed by any domestic company party thereto by its  president or a vice-president and secretary or an assistant secretary, or  the executive officers corresponding thereto.    (Source: Laws 1967, p. 2406.)
215 ILCS 5/161
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article X - Merger, Consolidation Or Plans Of Exchange

 (from Ch. 73, par. 773)Sec. 161.         Approval  and execution of agreement or plan of exchange by foreign or alien  company.In the event that a foreign or alien company is a party to the agreement  of merger or consolidation or plan of exchange, the agreement or plan shall  be executed by the proper officers of such foreign or alien company when  they are duly authorized thereto by such action on the part of the  directors, shareholders, members, or policyholders of such foreign or alien  company as may be required by the laws of the domiciliary state or country  of such foreign or alien company.    (Source: Laws 1967, p. 2406.)
215 ILCS 5/163
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article X - Merger, Consolidation Or Plans Of Exchange

 (from Ch. 73, par. 775)Sec. 163.         Date  merger or consolidation or plan of exchange effected.(1) If the surviving or new company is a domestic company, the merger or  consolidation is effected upon the issuance of the certificate of merger or  the certificate of consolidation, as the case may be.(2) If the surviving or new company is a foreign or alien company and  the Director has issued a certificate of approval of the merger or  consolidation, the date upon which the merger or consolidation is effected  shall be determined by the laws of the state or country of incorporation or  organization of the surviving or new company. However, the merger or  consolidation shall in no event become effective in this State until a  certificate of merger or consolidation, as the case may be, or other  evidence that the merger or consolidation is effected is issued by the  proper official of the state or country of incorporation or organization of  the surviving or new company and is filed with and approved by the  Director.(3) Notice of adoption of the plan and the approval thereof by the  Director shall be delivered or mailed to each shareholder of record of the  domestic insurance company to be acquired who was entitled to vote thereon  and an affidavit of the secretary or assistant secretary of such company or  of an officer of the company's transfer agent that such notice was given  shall be filed with the Director. The plan shall become effective 10 days  after receipt of the affidavit by the Director. A plan of exchange may be  abandoned pursuant to any provisions for abandonment contained therein at  any time, provided that notice of such abandonment shall be delivered or  mailed to each such stockholder and filed with the Director prior to the  termination of such 10 day period.    (Source: Laws 1967, p. 2406.)
215 ILCS 5/164
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article X - Merger, Consolidation Or Plans Of Exchange

 (from Ch. 73, par. 776)Sec. 164.         Removal of  property of domestic, merged or consolidated company from this State.(1) If the surviving or new company shall be a foreign or alien company,  no property of the domestic merged or consolidated company shall be removed  from this State by reason of such merger or consolidation, prior to, nor  shall title to such property vest in the surviving or new company until,  the merger or consolidation shall become effective in this State as  provided in section 163.(2) Any director or officer of any domestic company removing or  permitting the removal of any property of company from this State in  violation of this section, shall be guilty of a Class A misdemeanor.    (Source: P.A. 77-2699.)
215 ILCS 5/165
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article X - Merger, Consolidation Or Plans Of Exchange

 (from Ch. 73, par. 777)Sec. 165.     Recording of certificate of merger or consolidation.     Within 15 days after such merger or consolidation has become  effective, the surviving or new company shall file for record with the recorder  of the county in which the principal office of any of the  companies parties to the agreement is located in this State, the agreement  of merger or consolidation, or copy thereof, certified by the Director, any  certificate of approval issued by the Director, or copy thereof, certified  by him and a certificate of merger or consolidation, as the case may be, or  a copy thereof, certified by the Director, or by the official of the state  or country that issued such certificate. The certificate of merger or  consolidation, or a copy thereof so certified, shall also be recorded with  the recorder of each other county in this State in which any of the  companies parties to the agreement, shall have real property at the time of  such merger or consolidation, the title to which will be transferred by the  merger or consolidation.    (Source: P.A. 83-358.)
215 ILCS 5/168
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article X - Merger, Consolidation Or Plans Of Exchange

 (from Ch. 73, par. 780)Sec. 168.         Rights of  dissenting policyholder of domestic company.(1) If not less than five per centum of all the policyholders in any  domestic company who were entitled to vote with respect to any merger or  consolidation and who did not vote in favor of such merger or consolidation  at the meeting at which the agreement of merger or consolidation was  adopted by the policyholders of such company, or if not less than five per  centum of the members of any domestic fraternal benefit society party to a  merger or consolidation shall file, at any time within thirty days after  the agreement of merger or consolidation is effected, a petition with the  Director for a hearing upon such agreement of merger or consolidation, the  Director shall order a hearing upon said petition, fix the time and place  of such hearing, and give written notice to the companies that are parties  to the merger or consolidation, at least fifteen days before the date of  such hearing. Any member or policyholder so petitioning may appear before  the Director at such hearing, either in person or by an attorney, and be  heard with reference to said agreement. If, upon such hearing being had,  the Director finds that the interests of the members or policyholders, as  the case may be, of such company are not properly protected, or if he finds  that any reasonable objection exists to such agreement, he shall enter an  order revoking the approval already given, and the agreement of merger or  consolidation shall, thereupon, become null and void.(2) The Director shall have like power to revoke any approval of any  such agreement if any officer, director or employee of any company party to  such agreement shall, after reasonable notice, fail or refuse without  reasonable cause to attend and testify at such hearing, or to produce any  books or papers called for by said Director.    (Source: Laws 1937, p. 696.)
215 ILCS 5/169
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article X - Merger, Consolidation Or Plans Of Exchange

 (from Ch. 73, par. 781)Sec. 169.         Rights of  dissenting shareholders and policyholders of foreign or alien company.The rights of any dissenting shareholder, member or policyholder of any  foreign or alien company party to a merger or consolidation, shall be those  afforded to such shareholder, member, or policyholder by the laws of the  domiciliary state or country of such foreign or alien company.    (Source: Laws 1937, p. 696.)
215 ILCS 5/169.1
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article X - Merger, Consolidation Or Plans Of Exchange

 (from Ch. 73, par. 781.1)Sec. 169.1.         Effect  of exchange under plan of exchange.(1) Upon a plan of exchange becoming effective, the exchange provided  for therein is considered to have been consummated and each shareholder of  the domestic stock insurance company acquired ceases to be a shareholder of  such company. The ownership of all shares of the issued and outstanding  stock of such company, except shares payment of the value of which is  required to be made by such company under Section 167, vests in the  acquiring corporation automatically without any physical transfer or  deposit of certificates representing such shares. All shares payment of the  value of which is required to be made by such company under Section 167 are  considered no longer outstanding shares of such company. The acquiring  corporation thereupon becomes the sole shareholder of such domestic stock  insurance company and has all the rights, privileges, immunities and powers  and, except as otherwise provided herein, is subject to all of the duties  and liabilities to the extent provided by law of a shareholder of an  insurance company organized under the laws of this State.(2) Certificates representing shares of the domestic insurance company  to be acquired prior to the plan of exchange becoming effective, except  certificates representing shares payment of the value of which is required  under Section 167, shall after the plan of exchange becomes effective,  represent (a) shares of the issued and outstanding capital stock or other  securities issued by the acquiring corporations and (b) the right, if any,  to receive cash or other consideration upon such terms as are specified in  the plan of exchange. However, the plan of exchange may specify that all  such certificates shall after the plan of exchange becomes effective  represent only the right to receive shares of stock or other securities  issued by the acquiring corporation, or cash or other consideration or any  combination thereof upon such terms as are specified in the plan of  exchange.    (Source: Laws 1967, p. 2406.)
215 ILCS 5/169.2
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article X - Merger, Consolidation Or Plans Of Exchange

 (from Ch. 73, par. 781.2)Sec. 169.2.         Acquiring and acquired corporations under a plan of exchange to be  separate.The domestic stock insurance company acquired under a plan of exchange  and the acquiring corporation are in all respects separate and distinct  corporations, with neither corporation having any liability to the  creditors or policyholders, if any, or shareholders of the other, for any  acts or omissions of the officers, directors or shareholders of either or  both of such corporations.    (Source: Laws 1967, p. 2406.)
215 ILCS 5/170
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article X - Merger, Consolidation Or Plans Of Exchange

 (from Ch. 73, par. 782)Sec. 170.         Transfer  of deposits.(1) If the surviving or new company shall be a foreign or alien company  and the laws of the state or country under which such surviving or new  company is incorporated or organized shall require the maintenance with any  official of such State or country of a deposit of the legal reserve on any  policies, then the Director is authorized to deliver to the proper  custodian of such deposits of such state or country any deposits  theretofore made with the Director pertaining to policies of any of the  merged or consolidated companies. If the surviving or new company shall be  a domestic company into which has been merged or consolidated a foreign or  alien company incorporated or organized in a state or country the laws of  which require the maintenance with an official of a deposit of the legal  reserve on any policies, then the Director is hereby authorized to receive  from such official any deposit theretofore made with such official  pertaining to the policies of any of the merged or consolidated companies.(2) Any surviving or new company shall, within 60 days after the  transfer of such deposit, notify the holder of every policy secured by such  transferred deposit, that the transfer has been made. The president or  vice-president and secretary or assistant secretary of such company, or the  executive officers corresponding thereto, shall within 30 days thereafter,  file with the Director an affidavit of the fact that due notice to  policyholders, as provided for herein, has been given. If a surviving or  new company shall be a foreign or alien company, the Director shall require  from such company, before transferring any deposit to any official of the  state or country under the laws of which such foreign or alien company is  incorporated or organized, a written agreement that notice of such transfer  will be given to policyholders and that an affidavit with regard to such  notice will be furnished to the Director as in this section provided.(3) In the event any deposit is to be maintained in this State by reason  of this section, the amount thereof from time to time for each such policy  shall be at least equal to the amount which would be required in the state  where such deposit was theretofore maintained under the provisions of the  law of such state in effect on the date the merger or consolidation was  effected. The deposits so maintained in this State shall consist of  securities of the kinds authorized for investment by Article VIII of this  Code.    (Source: Laws 1959, p. 1431.)
215 ILCS 5/171
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article X - Merger, Consolidation Or Plans Of Exchange

 (from Ch. 73, par. 783)Sec. 171.     Certificates of fees and commissions paid.Whenever agreements of merger or consolidation or plans of exchange are  filed with the Director, there shall also be filed a certificate executed  by the president or a vice-president and attested by the secretary or an  assistant secretary, or the executive officers corresponding thereto, and  under the corporate seal of each of the companies party to the agreement of  merger or consolidation or plan of exchange, verified by the affidavits of  such officers, setting forth all fees, commissions or other compensations,  or valuable considerations paid or to be paid, directly or indirectly, to  any person in any manner securing, aiding, promoting or assisting in any  such merger or consolidation or plan of exchange.    (Source: Laws 1967, p. 2406.)
215 ILCS 5/172
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article X - Merger, Consolidation Or Plans Of Exchange

(215 ILCS 5/172) (from Ch. 73, par. 784)Sec. 172.         Payment of  fees to officer or director prohibited.(1) No director or officer of any company party to a merger or  consolidation or plan of exchange, except as fully expressed in the  agreement of merger or consolidation or plan of exchange shall receive any  fee, commission, other compensation or valuable consideration whatever,  directly or indirectly for in any manner aiding, promoting or assisting in  such merger or consolidation or plan of exchange.(2) Any person violating the provisions of this Section shall be guilty  of a Class A misdemeanor.    (Source: P.A. 77-2699.)
215 ILCS 5/Art. XI heading
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XI - Reinsurance

 ARTICLE XI.      REINSURANCE
215 ILCS 5/173
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XI - Reinsurance

 (from Ch. 73, par. 785)Sec. 173.     Reinsurance authorized.(a) Subject to the provisions of this Article, any domestic company may,  by a reinsurance agreement, accept any part or all of any risks of the  kind which it is authorized to insure and it may cede all or any part of  its risks to another solvent company having the power to make such  reinsurance. It may take credit for the reserves on such ceded risks to  the extent reinsured subject to the exceptions provided in Sections  173.1 through 173.5.(b) The purpose of this Article is to protect the interest of insureds,  claimants, ceding insurers, assuming insurers, and the public generally.  The  legislature hereby declares its intent is to ensure adequate regulation of  insurers and reinsurers and adequate protection for those to whom they owe  obligations.  In furtherance of that State interest, the legislature hereby  provides a mandate that upon the insolvency of a non-U.S. insurer or reinsurer  that provides security to fund its U.S. obligations in accordance with this  Article, the assets representing the security shall be maintained in the United  States and claims shall be filed and valued by the state insurance  official with regulatory oversight, and the assets shall be distributed in  accordance  with the insurance laws of the state in which the trust is  domiciled that are applicable to the liquidation of domestic U.S. insurance  companies.  The legislature declares that the matters contained in this Article  are fundamental to the business of insurance in accordance with 15 U.S.C  Sections 1011 through 1012.    (Source: P.A. 90-381, eff. 8-14-97.)