(215 ILCS 5/468)
(from Ch. 73, par. 1065.15)
Residual Market Mechanism.
All companies licensed to write
workers' compensation and employers' liability insurance in this State shall
participate in a plan providing for the equitable apportionment among them
of insurance which may be afforded applicants who are in good faith entitled
to but who are unable to procure such insurance through ordinary methods.
Companies must submit such a plan for the Director's approval within 60
days of the effective date of this amendatory Act of 1982. The rates to be used
in such a plan and any future modification thereof must be submitted to
the Director for approval at least 30 days prior to their effective date.
Such rates shall reflect residual market experience to the extent it is
actuarially appropriate. The Director shall disapprove any filing that
does not meet the requirements
of subparagraph (d) of paragraph (1) of Section 456 of this Article. A
filing shall be deemed to meet such requirements unless disapproved by the
Director within 30 days after the filing is made. In disapproving a filing
made under this Section, the Director shall have the same authority and
shall follow the same procedure as in disapproving a filing under Section
458. Notwithstanding any other provisions of this Article, rating organizations
may make and file rates under this Section.
(Source: P.A. 82-939.)