Illinois Compiled Statutes 215 ILCS 5/107a.07 – Standards for issuing and maintaining pool certificates of authority
Current as of: 2024 | Check for updates
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(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
(1) The number of employees covered by the pool.
Terms Used In Illinois Compiled Statutes 215 ILCS 5/107a.07
- Contract: A legal written agreement that becomes binding when signed.
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
(2) The particular industries in which the
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participants are engaged.
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(3) The combined net worth of pool participants.
(4) Any excess insurance purchased from authorized
(4) Any excess insurance purchased from authorized
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insurers.
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(5) The gross annual payroll of members, which must
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be at least $10,000,000 for active pools not in runoff.
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(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.
(c) The Department must determine whether the pool can ensure that individual pool members are in compliance with Section 107a.08.