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Public Act 096-0965
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| HB5026 Enrolled |
LRB096 18341 RPM 33718 b |
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AN ACT concerning insurance.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Insurance Code is amended by |
changing Section 107a.07 as follows:
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(215 ILCS 5/107a.07)
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Sec. 107a.07.
Standards for issuing and maintaining pool |
certificates of
authority.
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(a) The Department shall consider
the following in
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evaluating the financial strength of the pool:
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(1) The number of employees covered by the pool.
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(2) The particular industries in which the |
participants are engaged.
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(3) The combined net worth of pool participants.
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(4) Any excess insurance purchased from authorized |
insurers.
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(5) The gross annual payroll of members, which must be |
at least
$10,000,000 for active pools not in runoff.
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(b) The pool administrator must either contract with a |
licensed service
company or have
sufficient resources, such as |
those set forth in item (3) of subsection (b) of
Section |
107a.06, to
administer the proposed pool.
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(c) The Department must determine whether the pool can |