§ 215 ILCS 5/1101 Scope of Article
§ 215 ILCS 5/1102 Definitions
§ 215 ILCS 5/1103 Name
§ 215 ILCS 5/1104 Principal Office and Place of Business
§ 215 ILCS 5/1105 Risk Retention Trust
§ 215 ILCS 5/1106 Trust – Participation
§ 215 ILCS 5/1107 Trust – Coverage Grants – Payment of Claims
§ 215 ILCS 5/1108 Trust; filing requirements; records
§ 215 ILCS 5/1109 Illinois Insurance Guaranty Fund – Inapplicability
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Terms Used In Illinois Compiled Statutes > 215 ILCS 5 > Article XLI - Risk Retention Arrangements For Banking Associations

  • Banking association: means any Illinois corporation, whether for-profit or not-for-profit, which functions as a professional or trade association of dues-paying member commercial banks. See Illinois Compiled Statutes 215 ILCS 5/1102
  • Contingency reserve fund: means a separate fund maintained for payment of claims in excess of the pool retention fund amount. See Illinois Compiled Statutes 215 ILCS 5/1102
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Coverage grant: means the document describing specific coverages and terms of coverage which are provided by a risk retention trust created under this Article. See Illinois Compiled Statutes 215 ILCS 5/1102
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Fiduciary: A trustee, executor, or administrator.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Licensed service company: means an entity licensed under § 464a of the Illinois Insurance Code to perform claims adjusting, loss control and data processing. See Illinois Compiled Statutes 215 ILCS 5/1102
  • Pool retention fund: means a separate fund maintained for payment of first dollar claims, up to a specific amount per claim ("specific retention") and up to an aggregate amount for a 12-month period ("aggregate retention"). See Illinois Compiled Statutes 215 ILCS 5/1102
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
  • Trust sponsor: means a banking association which has created a risk retention trust under this Article. See Illinois Compiled Statutes 215 ILCS 5/1102
  • Trustee: A person or institution holding and administering property in trust.