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HB5026 Engrossed |
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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 |
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| 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 |
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| 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 |
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| 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 |
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| insurers.
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| (5) The gross annual payroll of members, which must be |
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| at least
$10,000,000 for active pools not in runoff.
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| (b) The pool administrator must either contract with a |
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| licensed service
company or have
sufficient resources, such as |
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| those set forth in item (3) of subsection (b) of
Section |
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| 107a.06, to
administer the proposed pool.
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| (c) The Department must determine whether the pool can |