Section 100.5170  Composite Returns:  Definition of a "Lloyd's Plan of Operation"

For purposes of these composite return regulations, a "Lloyd's plan of operation" is a plan of insurance by contract where members of an association which is not incorporated agree to indemnify each other, or some third person, against loss, damage, liability arising from an unknown or contingent event, each member agreeing to bear a given amount of such loss, damage, or liability.  46 Corpus Juris Secundum Insurance Section 1410. In Illinois, an insurance company using a Lloyd's plan of operation must have obtained a Certificate of Authority from the Department of Insurance pursuant to Section 96 of the Illinois Insurance Code (Ill. Rev. Stat. 1985, ch 73, par. 708).

(Source:  Added at 12 Ill. Reg. 4865, effective February 25, 1988)