Illinois General Assembly - Illinois Compiled Statutes

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215 ILCS 5/123D-15

(215 ILCS 5/123D-15)

Sec. 123D-15.

Conduct of insurance business by nonprofit risk
organizations.

(a) The Director may, pursuant to this Article, issue a certificate of
authority to write the kinds of insurance enumerated in Classes 2 and 3 of Section 4 to a
nonprofit risk organization that is a company organized pursuant to Articles
III or IV,
including such companies organized as a risk retention group in this State
pursuant to
Article VIIB, if such organization:

(1) complies with the applicable requirements of

Articles III or IV and VIIB, if organized as a risk retention group; and

(2) has an initial paid-up capital and surplus at

least equal to the amount of applicable paid-up capital and surplus required by Articles III or IV for a newly organized company doing the same kind or kinds of insurance business.

Thereafter, every such nonprofit risk organization shall maintain capital and
surplus at
least equal to the amount of applicable capital and surplus required to be
maintained by
companies under Articles III or IV doing the same kind or kinds of
insurance
business.

(b) Every certificate of authority to engage in an insurance business issued
by the
Director to any nonprofit risk organization pursuant to the provisions of this
Article shall
specify the company's name, the location of its principal office, the name and
principal
address of its attorney-in-fact, if any, and the kind or kinds of insurance
business that it
is authorized to engage in this State.

(Source: P.A. 93-918, eff. 1-1-05.)