§ 102

(Section scheduled to be repealed on January 1, 2027) Sec. 102.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.

Legislative History

(Source: P.A. 90-794, eff. 8-14-98 .)