Article V - Lloyds - Illinois Statutes

 
    (215 ILCS 5/Art. V heading)ARTICLE V. LLOYDS (Article scheduled to be repealed on January 1, 2017)

    (215 ILCS 5/86)(from Ch. 73, par. 698)
    (Section scheduled to be repealed on January 1, 2017)
    Sec. 86. Scope of Article.
    (1) This Article applies to all groups including incorporated and individual unincorporated underwriters transacting an insurance business in this State through an attorney‑in‑fact under the name Lloyds or under a Lloyds plan of operation. Groups that meet the requirements of subsection (3) are referred to in this Code as "Lloyds", and incorporated and individual unincorporated underwriters are referred to as "underwriters".
    (2) As used in this Code "Domestic Lloyds" means a Lloyds having its home office in this State; "Foreign Lloyds" means a Lloyds having its home office in any state of the United States other than this State; and "Alien Lloyds" means a Lloyds having its home office or principal place of business in any country other than the United States.
    (3) A domestic Lloyds must: (i) be established pursuant to a statute or written charter; (ii) provide for governance by a board of directors or similar body; and (iii) establish and monitor standards of solvency of its underwriters. A foreign or alien Lloyds must be subject to requirements of its state or country of domicile. Those requirements must be substantially similar to those required of domestic Lloyds. Domestic, foreign, and alien Lloyds shall not be subject to Section 144 of this Code.
    (4) All foreign and alien entities and individuals transacting an insurance business as domestic, foreign, or alien Lloyds shall notify the Director and the Secretary of State under the provisions of this Article, shall be regulated exclusively by the Director, and shall not be required to obtain a certificate of authority from the Secretary of State pursuant to any other law of this State so long as they solely transact business as a domestic, foreign, or alien Lloyds. Upon notification, the Secretary of State may require submission of additional information to determine whether a foreign or alien individual or entity is transacting business solely as a domestic, foreign, or alien Lloyds.
(Source: P.A. 90‑794, eff. 8‑14‑98; 91‑593, eff. 8‑14‑99.)

    (215 ILCS 5/87)(from Ch. 73, par. 699)
    (Section scheduled to be repealed on January 1, 2017)
    Sec. 87. Certificate of authority. It shall be unlawful for any domestic, foreign or alien Lloyds to transact business in this State unless it has first obtained and has in force a certificate of authority issued by the Director. All certificates of authority issued under the provisions of this Article shall terminate on the thirtieth day of June next following the date of issuance and may be renewed upon compliance with this Code.
(Source: Laws 1937, p. 696.)

    (215 ILCS 5/88)(from Ch. 73, par. 700)
    (Section scheduled to be repealed on January 1, 2017)
    Sec. 88. Name. The name of any Lloyds authorized to transact business under this Article shall not be the same as, or deceptively similar to, the name of any domestic company or of any foreign or alien company authorized to transact business in this State.
(Source: Laws 1937, p. 696.)

    (215 ILCS 5/89)(from Ch. 73, par. 701)
    (Section scheduled to be repealed on January 1, 2017)
    Sec. 89. Principal office of attorney‑in‑fact. The principal office of the attorney‑in‑fact of a domestic Lloyds shall be maintained in this State.
(Source: Laws 1937, p. 696.)

    (215 ILCS 5/90)(from Ch. 73, par. 702)
    (Section scheduled to be repealed on January 1, 2017)
    Sec. 90. Kinds of business permitted. Except as otherwise provided in this Article, a Lloyds may be authorized to transact any or all of the kind or kinds of business enumerated in Classes 2 and 3 of section 4.
(Source: Laws 1937, p. 696.)

    (215 ILCS 5/91)(from Ch. 73, par. 703)
    (Section scheduled to be repealed on January 1, 2017)
    Sec. 91. Declaration of domestic Lloyds. The attorney‑in‑fact for underwriters who desire to form a domestic Lloyds under this Article shall sign and acknowledge before an officer authorized to take acknowledgments, a declaration in duplicate. When the attorney‑in‑fact is a corporation the declaration shall be acknowledged by an officer of such corporation. The declaration shall set forth
        (a) the name of the attorney‑in‑fact, and the name or

designation under which contracts are to be effected;

(b) the location of the office of the

attorney‑in‑fact;

(c) the names and addresses, including streets and

numbers, if any, of the underwriters;

(d) the class or classes of insurance which such

Lloyds proposes to transact and the kinds of insurance in each class which it proposes to write;

(e) such other provisions not inconsistent with law

which may be deemed by the attorney‑in‑fact or the underwriters to be necessary or advisable.

(Source: P.A. 88‑535.)

    (215 ILCS 5/92)(from Ch. 73, par. 704)
    (Section scheduled to be repealed on January 1, 2017)
    Sec. 92. Documents to be delivered to director. Upon the execution of the declaration by the attorney‑in‑fact for a domestic Lloyds, there shall be delivered to the Director
        (a) duplicate originals of the declaration;
        (b) a copy of the power of attorney of the

attorney‑in‑fact;

(c) an instrument authorizing the service of process

on the Director provided for in section 105;

(d) 2 organization bonds or the cash or securities

provided for in section 93.

(Source: Laws 1965, p. 422.)

    (215 ILCS 5/93)(from Ch. 73, par. 705)
    (Section scheduled to be repealed on January 1, 2017)
    Sec. 93. Bonds. The attorney‑in‑fact for any domestic Lloyds in the process of organization shall deliver to the Director two bonds in the same penalties and containing the same provisions so far as applicable as the bonds required for the organization of a stock company by section 16, for the use and benefit of the State of Illinois, the underwriters and creditors, or in lieu of delivering such bonds the attorney‑in‑fact may deposit cash or securities of the same kind or amount and on the same terms and conditions so far as applicable as provided by said section.
(Source: Laws 1937, p. 696.)

    (215 ILCS 5/94)(from Ch. 73, par. 706)
    (Section scheduled to be repealed on January 1, 2017)
    Sec. 94. Approval of documents. The documents and papers so delivered to the Director may be approved or disapproved by the Director, and the attorney‑in‑fact or underwriters shall be entitled to a hearing in the same manner as provided in section 18 in the case of documents delivered for approval in connection with the organization of stock companies. If the documents and papers so delivered are approved by the Director, the Director shall, thereupon, place on file in his office all of such documents except one of the duplicate originals of the declaration, and shall endorse upon such duplicate original his approval thereof and the month, day and year of such approval, and deliver it to the attorney‑in‑fact. Upon the date of approval of said declaration by the Director, the domestic Lloyds shall be deemed to be in existence.
(Source: Laws 1959, p. 627.)

    (215 ILCS 5/95)(from Ch. 73, par. 707)
    (Section scheduled to be repealed on January 1, 2017)
    Sec. 95. Authority to solicit underwriters. Upon the approval of the declaration by the Director, he shall issue to the attorney‑in‑fact a permit which shall expire at the end of one year from its date, authorizing the attorney‑in‑fact to solicit deposits of underwriters in accordance with this Code and in accordance with the power of attorney filed with the Director, and to do such other acts as may be necessary or proper in order to complete the organization of such Lloyds and to entitle it to receive a certificate of authority to transact an insurance business.
(Source: Laws 1937, p. 696.)

    (215 ILCS 5/96)(from Ch. 73, par. 708)
    (Section scheduled to be repealed on January 1, 2017)
    Sec. 96. Issuance of certificate of authority. When the Director has been notified that the underwriters have deposited a sum not less than the minimum admitted assets required by section 99, he shall conduct an examination of such Lloyds. If he finds that the organization has been completed and that all other requirements of this Code have been met, he shall issue to such Lloyds a certificate of authority to transact the kind or kinds of business specified in the declaration.
(Source: Laws 1937, p. 696.)

    (215 ILCS 5/97)(from Ch. 73, par. 709)
    (Section scheduled to be repealed on January 1, 2017)
    Sec. 97. Deposit required of underwriters. Each underwriter of a domestic Lloyds shall make and maintain a deposit of cash or securities, or both, in trust with a responsible bank or trust company in this State to indemnify policyholders against loss. Securities so deposited shall be of a character conformable to the requirements of Article VIII applicable to companies transacting the same kind or kinds of business. The attorney‑in‑fact shall file with the Director an authenticated copy of each trust agreement under which any such deposit is made. All such deposits shall be considered as admitted assets of such Lloyds. No change or withdrawal of cash or securities deposited in trust shall be made without the approval of the Director.
(Source: Laws 1959, p. 1431.)

    (215 ILCS 5/98)(from Ch. 73, par. 710)
    (Section scheduled to be repealed on January 1, 2017)
    Sec. 98. Verified statement. Whenever the Director shall so require, the attorney‑in‑fact of a domestic Lloyds shall file with the Director a verified statement setting forth
        (a) the names and addresses of all underwriters; and
        (b) a description of the cash and securities

deposited in trust by each underwriter.

(Source: P.A. 90‑794, eff. 8‑14‑98.)

    (215 ILCS 5/99)(from Ch. 73, par. 711)
    (Section scheduled to be repealed on January 1, 2017)
    Sec. 99. Minimum admitted assets required of domestic Lloyds. Each domestic Lloyds shall at all times keep and maintain in this State admitted assets, including the deposits of underwriters required by section 97, exceeding all outstanding claims and other liabilities plus the unearned premiums (less reinsurance premiums) on the policies in force, by not less than $900,000 if such Lloyds is writing all or any kinds of insurance enumerated in Class 2 of section 4, by not less than $600,000 if such Lloyds is writing all or any kinds of insurance enumerated in Class 3 of section 4 and by not less than $1,500,000 if such Lloyds is writing the kinds of insurance enumerated in both Class 2 and Class 3 of section 4, provided however, that any such Lloyds organized prior to the effective date of this amendatory Act of 1965 shall have and at all times maintain admitted assets in excess of all liabilities in the amount which was required for that particular Lloyds at the time it was issued a certificate of authority.
(Source: Laws 1965, p. 971.)

    (215 ILCS 5/100)(from Ch. 73, par. 712)
    (Section scheduled to be repealed on January 1, 2017)
    Sec. 100. Minimum available assets required of domestic Lloyds. The aggregate of the amounts on deposit of all underwriters and all other admitted assets of each domestic Lloyds available for the payment of losses shall at all times be at least five times the amount to be assumed by such Lloyds, net not including reinsurance in licensed insurers, upon a single risk cumulative for each kind of insurance.
(Source: Laws 1937, p. 696.)

    (215 ILCS 5/101)(from Ch. 73, par. 713)
    (Section scheduled to be repealed on January 1, 2017)
    Sec. 101. Restrictions upon domestic Lloyds.
    (1) A domestic Lloyds shall not
        (a) change its name or title without first obtaining

the written approval of the Director; nor

(b) establish branches under other or different names

or titles; nor

(c) amend or change its declaration or power of

attorney without the approval of the Director and any amendment thereto or change therein shall be set forth in an amended verified declaration or power of attorney filed with the Director.

(2) A domestic Lloyds shall         (a) maintain the assets required by this Article

either in cash or in investments permitted by this Code;

(b) maintain in this State the principal office of

its attorney‑in‑fact for the transaction of business therein, and shall notify the Director of any change in the location of the principal office of its attorney‑in‑fact;

(c) notify the Director of any change in

underwriters; and

(d) notify the Director of any change of

attorney‑in‑fact by filing with the Director an instrument signed by the underwriters of such Lloyds revoking the previous appointment of any attorney‑in‑fact and designating and appointing a substitute attorney‑in‑fact.

(3) All notices required by subsections (1) and (2) except the notice prescribed by clause (d) of subsection (2) shall be in writing and shall be verified by the attorney‑in‑fact if an individual or by an officer of the attorney‑in‑fact if a corporation.     (4) Additional underwriters may join and be included in any such Lloyds, subject to such conditions and requirements as may from time to time be imposed by such Lloyds and upon meeting the requirements in this Article with regard to underwriters. Such additional underwriters who may so join such Lloyds shall be bound by the documents on file with the Director in the same manner as though they had personally executed the same and shall have the same rights, powers and duties as all other underwriters of such Lloyds. The attorney‑in‑fact authorized by the underwriters to act for them shall thereafter also be the attorney‑in‑fact for such additional underwriters. (Source: Laws 1937, p. 696.)

    (215 ILCS 5/102)(from Ch. 73, par. 714)
    (Section scheduled to be repealed on January 1, 2017)
    Sec. 102. Restrictions upon foreign Lloyds.
    (1) Each foreign Lloyds authorized to transact business in this State shall
        (a) maintain cash and securities, including the

deposits of its underwriters, of a character conformable to the requirements of Article VIII of this Code for domestic companies, at least equal at all times to the minimum admitted assets required by this Article for a domestic Lloyds doing the same kind or kinds of business.

(b) file with the Director an authenticated copy of

its power of attorney and an authenticated copy of the trust agreement or other agreement under which deposits made by underwriters are held;

(c) notify the Director forthwith of any amendment

to its power of attorney, deposit agreement or other documents underlying its organization, by filing with the Director an authenticated copy of such document as amended;

(d) notify the Director forthwith of any change in

its name or change of attorney‑in‑fact or change of address of its attorney‑in‑fact.

(2) A foreign Lloyds shall not establish branches under other or different names or titles.     (3) There shall be filed with the Director by the attorney‑in‑fact of such foreign Lloyds at the time of filing the annual statement, or more often if required by the Director, a statement verified by the appropriate official of such Lloyds, setting forth         (a) the names and addresses of all underwriters of

such Lloyds; and

(b) a description of the cash and securities

deposited in trust by each underwriter.

(Source: P.A. 90‑794, eff. 8‑14‑98.)

    (215 ILCS 5/103)(from Ch. 73, par. 715)
    (Section scheduled to be repealed on January 1, 2017)
    Sec. 103. Alien Lloyds.
    (1) Each alien Lloyds authorized to transact business in this State shall
        (a) maintain in this State or any other state of the

United States in which they are authorized to transact business, cash or securities of a character conformable to the requirements of Article VIII of this Code for domestic companies at least equal at all times to the minimum of admitted assets required by this Article for a domestic Lloyds doing the same kind or kinds of business;

(b) make deposits of underwriters in this State in

accordance with the requirements imposed upon domestic Lloyds;

(c) file with the Director an authenticated copy of

its power of attorney and an authenticated copy of the trust agreement or other agreement under which deposits made by underwriters in this State are held;

(d) notify the Director forthwith of any amendment

to its power of attorney, deposit agreement or other documents by filing with the Director an authenticated copy of such document as amended; and

(e) notify the Director forthwith of any change in

its name or change of attorney‑in‑fact or change of address of its attorney‑in‑fact.

(2) An alien Lloyds shall not establish branches under other or different names or titles.     (3) There shall be filed with the Director by the attorney‑in‑fact for such Lloyds, who or which shall be a resident person or corporation of this State, at the time of filing the annual statement, or more often if required by the Director, a verified statement setting forth         (a) the names and addresses of all underwriters of

such Lloyds; and

(b) a description of the cash and securities

deposited in trust by each underwriter.

(4) Additional underwriters may join and be included in any such Lloyds subject to such conditions and requirements as may from time to time be imposed by such Lloyds and upon meeting the requirements of this section, such additional underwriters who may so join such Lloyds shall be bound by the documents on file with the Director in the same manner as though they had personally executed the same and shall have the same rights, powers and duties as all other underwriters of such Lloyds. The attorney‑in‑fact authorized by the underwriters to act for them shall thereafter be the attorney‑in‑fact for such additional underwriters to the extent of the power of attorney or other document or authorization by such underwriters to the attorney‑in‑fact. (Source: P.A. 90‑794, eff. 8‑14‑98.)

    (215 ILCS 5/104)(from Ch. 73, par. 716)
    (Section scheduled to be repealed on January 1, 2017)
    Sec. 104. Policy forms. Every policy issued in this State by any domestic, foreign or alien Lloyds shall have printed upon its face and back the name of such Lloyds, the name and address of its attorney‑in‑fact in this State or agent for service of process in this State, and in type not smaller than ten point the words "Not Incorporated."
(Source: Laws 1937, p. 696.)

    (215 ILCS 5/105)(from Ch. 73, par. 717)
    (Section scheduled to be repealed on January 1, 2017)
    Sec. 105. Director as agent; service of process.
    (1) The attorney‑in‑fact of every Lloyds transacting business in this State shall file with the Director a duly executed instrument whereby such Lloyds shall appoint and constitute the Director, his successor or successors in office, the true and lawful agent of such Lloyds upon whom all lawful process in any action or legal proceeding against such Lloyds may be served, and shall agree that any lawful process against such Lloyds which may be served upon said agent shall be of the same force and validity as if served upon the attorney‑in‑fact, and that the authority thereof shall continue in force irrevocably so long as any liability of such Lloyds in this State shall remain outstanding.
    (2) In any suit instituted against any domestic, foreign or alien Lloyds transacting business in this State, it shall not be necessary to name the underwriters as parties defendant, but such Lloyds may be named as the party defendant in any such suit and service may be had upon all the underwriters by service upon the last appointed attorney‑in‑fact or by service upon the Director, and not otherwise. Any such suit may be brought in the county in which the cause of action arises or in which the claimant resides. When such process is served upon the Director as agent to accept service, duplicate copies of such process shall be delivered to him and he shall immediately forward one copy of each such process to the last appointed attorney‑in‑fact by certified or registered mail, postage prepaid, giving the day and hour of such service.
(Source: P.A. 88‑535.)

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