Public Act 0965 96TH GENERAL ASSEMBLY

HB5026 Enrolled LRB096 18341 RPM 33718 b

Public Act 096-0965

AN ACT concerning insurance.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Insurance Code is amended by changing Section 107a.07 as follows:

(215 ILCS 5/107a.07)

Sec. 107a.07. Standards for issuing and maintaining pool certificates of authority.

(a) The Department shall consider the following in evaluating the financial strength of the pool:

(1) The number of employees covered by the pool.

(2) The particular industries in which the participants are engaged.

(3) The combined net worth of pool participants.

(4) Any excess insurance purchased from authorized insurers.

(5) The gross annual payroll of members, which must be at least $10,000,000 for active pools not in runoff.

(b) The pool administrator must either contract with a licensed service company or have sufficient resources, such as those set forth in item (3) of subsection (b) of Section 107a.06, to administer the proposed pool.

(c) The Department must determine whether the pool can ensure that individual pool members are in compliance with Section 107a.08.

(Source: P.A. 91-757, eff. 1-1-01.)

Section 99. Effective date. This Act takes effect upon becoming law.

Effective Date: 7/2/2010