Illinois General Assembly - Illinois Compiled Statutes

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215 ILCS 5/123D-30

(215 ILCS 5/123D-30)

Sec. 123D-30.

Residual market participation exemption;
security
funds.

A nonprofit risk organization shall not be permitted or required to join
or
contribute financially to any plan, pool, association, or guaranty or
insolvency fund in
this State, nor shall any nonprofit risk organization, nor its insureds nor any
claimants
against the insureds, nor its parent nor any affiliated company, nor any member
organization of its association, receive any benefit from any such plan, pool
association,
or guaranty or insolvency fund for claims arising out of the operations of the
nonprofit
risk organization. Each nonprofit risk organization must inform each insured,
in both the
application for insurance and in the policy issued to the insured, that (i)
the nonprofit
risk organization is not subject to all of the insurance laws and rules of this
State, and (ii)
State insurance insolvency guaranty funds are not available to  the insured for
claims
arising out of the operations of the nonprofit risk organization.

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