(625 ILCS 5/18c-4905) (from Ch. 95 1/2, par. 18c-4905)
Sec. 18c-4905.
Self-insurance.
The Commission may exempt a carrier from the requirement of
Sections 18c-4901, 18c-4902, 18c-4903, and 18c-4904 of this Chapter
if it determines that the carrier has the financial ability to
pay for any and all damages the liability for which would
otherwise be assumed by an insurance or surety company under the
referenced sections. Each carrier so exempted shall file
periodic reports, at such intervals as the Commission shall specify,
showing its continuing ability to act as a self-insurer. The
Commission may rescind an exemption on 10 days' notice if
rescission appears necessary to protect the public.
Upon the granting or rescission of a self-insured status of a carrier by
the Commission, the Commission shall immediately notify, in writing, the
Illinois Department of Transportation of the name, address, and other
pertinent information required by the Department of Transportation
concerning the status of the carrier.
(Source: P.A. 84-1246.)
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