Illinois General Assembly - Full Text of Public Act 096-0965
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Public Act 096-0965





Public Act 096-0965
HB5026 Enrolled LRB096 18341 RPM 33718 b

    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
        (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