Illinois Compiled Statutes 215 ILCS 5/811.1 – Distribution of Premiums
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Terms Used In Illinois Compiled Statutes 215 ILCS 5/811.1
- Fund: means the fund established by this Article. See Illinois Compiled Statutes 215 ILCS 5/802.1
- Insurers: means insurance companies and reciprocals licensed and authorized to write Class 3 policies of insurance, as defined in this Code, within Illinois. See Illinois Compiled Statutes 215 ILCS 5/802.1
- Mine Subsidence: means lateral or vertical ground movement caused by a failure initiated at the mine level, of man-made underground mines, including, but not limited to coal mines, clay mines, limestone mines, and fluorspar mines that directly damages residences or commercial buildings. See Illinois Compiled Statutes 215 ILCS 5/802.1
- premiums: means the gross amount charged to policyholders for the mine subsidence insurance made available under this Article. See Illinois Compiled Statutes 215 ILCS 5/802.1
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
The Fund is authorized to establish the proportion of total mine subsidence insurance premiums collected by each insurer which shall be retained by the insurer as a ceding commission, subject to review of the Director. The remainder of such premiums shall be remitted by the insurer to the Fund at times to be determined by the Fund. The ceding commission shall be uniform in all reinsurance agreements entered into pursuant to Section 810.1 of this Article and shall be based on reasonable administrative costs to the insurers, including agents’ commissions.