(205 ILCS 405/6) (from Ch. 17, par. 4813)
Sec. 6. Insurance against loss. (a) Every applicant for a license hereunder
shall, after his
application for a license has been approved, file with and have approved
by the Secretary, a policy or policies of insurance issued by an
insurance company or indemnity company authorized to do business under
the law of this State, which shall insure the applicant against loss by
theft, burglary, robbery or forgery in a principal sum as hereinafter
provided; if the average amount of cash and liquid funds to be kept on
hand at the licensed location during the year
will not be in excess of $10,000 the policy or policies shall be in the
principal sum of $10,000. If such average amount will be in excess of
$10,000, the policy or policies shall be for an additional principal sum
of $500 for each $1,000 or fraction thereof of such excess over the
original $10,000. From time to
time, the Secretary may determine the amount of cash and liquid funds on
hand at the licensed location and shall require
the licensee to submit additional policies if the same are determined to
be necessary in accordance with the requirements of this Section. However, any licensee may meet the insurance requirements of this subsection (a) by submitting evidence satisfactory to the Secretary that the licensee is covered by a blanket insurance policy that covers multiple licensees. The blanket insurance policy: (i) shall insure the licensee against loss by theft, robbery, or forgery; (ii) shall be issued by an insurance company authorized to do business in this State; and (iii) shall be in the principal sum of an amount equal to the maximum amount required under this Section for any one licensee covered by the insurance policy.
Any such policy or policies, with respect to forgery, may carry a
condition that the community currency exchange assumes the first $1,000 of
each claim thereunder.
(b) Before an ambulatory currency exchange shall sell or
issue money orders,
it shall file with and
have approved by the Secretary, a policy or policies of
insurance issued by an insurance company or indemnity company
authorized to do business under the laws of this State, which
shall insure such ambulatory currency exchange against loss
by theft, burglary, robbery, forgery or embezzlement in the
principal sum of not less than $500,000. If the average amount
of cash and liquid funds to be kept on hand during the year
will exceed $500,000, the policy or policies shall be for an
additional principal sum of $500 for each $1,000 or fraction
thereof in excess of $500,000. From time to time the Secretary may determine
the amount of cash and liquid funds kept on hand by an ambulatory
currency exchange and shall require it to submit such additional
policies as are determined to be required within the limits of
this Section. No ambulatory currency exchange subject to
this Section shall be required to furnish more than one policy
of insurance if the policy furnished insures it against the
foregoing losses at all locations served by it.
Any such policy may contain a condition that the insured
assumes a portion of the loss, provided the insured shall file
with such policy a sworn financial statement indicating its
ability to act as self-insurer in the amount of such deductible
portion of the policy without prejudice to the safety of any
funds belonging to its customers. If the Secretary is not
satisfied as to the financial ability of the ambulatory currency
exchange, he may require it to deposit cash or United States Government
Bonds in the amount of part or
all of the deductible portion of the policy.
(Source: P.A. 99-445, eff. 1-1-16.)
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