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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(215 ILCS 5/529.3) (from Ch. 73, par. 1065.76-3)
Sec. 529.3.
Insolvency.
In the event any company fails, by reason of insolvency, to pay any
assessment, the Fund shall cause the reimbursement ratios, computed
under Section 529.2, to be immediately recalculated, excluding therefrom the
amount of the insolvent company's assessment determined by the Director
of Insurance to be uncollectible, so that such uncollectible amount is,
in effect, assumed and redistributed among the remaining companies.
(Source: P.A. 81-1509.)
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