215 ILCS 5/188.1
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIII - Rehabilitation, Liquidation, Conservation And Dissolution Of Companies

 (from Ch. 73, par. 800.1)Sec. 188.1.         Provisions for conservation of assets of a domestic,  foreign, or alien  company.(1) Upon the filing by the Director of a verified complaint alleging  (a) that with respect to a domestic, foreign, or alien company,  whether authorized or unauthorized, a condition exists that  would justify a court order for proceedings under Section 188, and  (b) that the interests of creditors, policyholders or the public will  probably be endangered by delay, then the circuit court of Sangamon or Cook  County or the circuit court of the county in which such company has or last  had its principal office shall enter forthwith without a hearing or  prior  notice an order  directing the director to take possession and control of the property,  business, books, records, and accounts of the company, and of the premises  occupied by it for the transaction of its business, or such part of each as  the complaint shall specify, and enjoining the company and its officers,  directors, agents, servants, and employees from disposition of its property  and from transaction of its business except with the concurrence of the  Director until the further order of the court.  Copies of the verified complaint and the seizure order shall be  served upon the company.(2) The order shall continue in force and effect for such time as the  court deems necessary for the Director to ascertain the condition and  situation of the company. On motion of either party or on its own motion,  the court may from time to time hold such hearings as it deems desirable,  and may extend, shorten, or modify the terms of, the seizure order. So far  as the court deems it possible, the parties shall be given adequate notice  of such hearings. As soon as practicable, the court shall vacate the  seizure order or terminate the conservation proceedings of the company,  either when the Director has failed to institute proceedings  under Section 188 having a reasonable opportunity to do so, or upon an  order of the court pursuant to such proceedings.(3) Entry of a seizure order under this section shall not constitute an  anticipatory breach of any contract of the company.(4) The court may hold all hearings in conservation proceedings  privately in chambers, and shall do so on request of any officer of the  company proceeded against.(5) In conservation proceedings and judicial reviews thereof, all  records of the company, other documents, and all insurance department files  and court records and papers, so far as they pertain to and are a part of  the record of the conservation proceedings, shall be and remain  confidential except as is necessary to obtain compliance therewith, unless  and until the court, after hearing arguments in chambers from the Director  and the company, shall decide otherwise, or unless the company requests  that the matter be made public.(6) Any person having possession of and refusing to deliver any of the  property, business, books, records or accounts of a company against which a  seizure order has been issued shall be guilty of a Class A misdemeanor.    (Source: P.A. 89-206, eff. 7-21-95.)