(215 ILCS 5/123B-9) (from Ch. 73, par. 735B-9)
(Section scheduled to be repealed on January 1, 2027)
Sec. 123B-9.
Restrictions on insurance purchased by purchasing groups.
A. A purchasing group may not purchase insurance from
a risk retention group that is not organized in a state
or from an insurer not admitted in the state in which
the purchasing group is located, unless the purchase
is effected through a licensed surplus line producer acting
pursuant to the surplus lines laws and regulations of such state.
B. No purchasing group may offer insurance policy
coverage prohibited by this Code or declared unlawful
by the Illinois Supreme Court.
C. A purchasing group which obtains liability insurance
from an insurer not admitted in this State or a risk
retention group shall inform each of the members of
such group which has a risk resident or located in this
State that such risk is not protected by an insurance
insolvency guaranty fund in this State, and that such
risk retention group or such insurer may not be subject
to all insurance laws and regulations of this State.
D. No purchasing group may purchase insurance providing for a deductible
or an aggregate limit unless the deductible or aggregate limit applies
separately to each individual member of the purchasing group.
(Source: P.A. 85-131.)
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