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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(215 ILCS 5/806.1)
Sec. 806.1.
Division of Fund Into Separate Residential and
Commercial Sub-funds.
(a) Effective January 1, 1994, the Fund shall establish 2
separate
sub-funds, a Residential Fund to provide reinsurance for mine subsidence losses
arising from residential and living unit coverage and a Commercial Fund to
provide reinsurance for mine subsidence losses arising from commercial
coverage. The assets and liabilities of the Fund shall be allocated to the two
sub-funds in such manner as determined by the Board of Directors, with the
approval of the Director. The two sub-funds shall continue to be managed by
the Board of Directors. Beginning January 1, 1994, all premiums received by
the Fund for residential coverage or living unit coverage shall be credited to
the Residential Fund, all losses and expenses for residential coverage or
living unit coverage shall be charged to the Residential Fund. All premiums
received by the Fund for commercial coverage shall be credited to the
Commercial Fund, and all losses and expenses for commercial coverage shall be
charged to the Commercial Fund. The Fund's overhead expenses shall be
allocated between the Residential Fund and the Commercial Fund on the basis of
annual written premium credited to each sub-fund. The assets and liabilities
of
the Residential and Commercial Funds shall be accounted for
separately. The assets of the Residential Fund shall not be used to reimburse
insurers for losses
for Commercial Coverage and the assets of the Commercial Fund shall not be used
to reimburse insurers for losses for residential coverage or living unit
coverage.
(b) No insurer shall be required to pay any claim for any loss reinsured
under
this Article except to the extent that the amount available in the Residential
Fund or the Commercial Fund, as the case may be, is sufficient to reimburse the
insurer for such payment.
(Source: P.A. 88-379; 89-206, eff. 7-21-95.)
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