Illinois Compiled Statutes 215 ILCS 5/123B-8 – Notice and registration requirements of purchasing groups
Current as of: 2024 | Check for updates
|
Other versions
A. A purchasing group that intends to do business in this State shall, prior to doing business, furnish notice to the Director, on a form prescribed by the Director, that shall:
(1) identify the state in which the group is
(1) identify the state in which the group is
|
domiciled;
|
(2) specify the lines and classifications of
|
liability insurance which the purchasing group intends to purchase;
|
(3) identify the insurance company from which the
|
group intends to purchase its insurance and the domicile of such company;
|
(4) specify the method by which, and the person or
|
persons, if any, through whom insurance will be offered to its members whose risks are resident or located in this State;
|
(5) identify the principal place of business of the
|
group;
|
(6) identify all other states in which the group
|
intends to do business; and
|
(7) provide such other information as may be required
|
by the Director to verify that the purchasing group is qualified under subsection (10) of Section 123B-2 of this Article.
|
B. A purchasing group shall, within 10 days, notify the Director of any changes in any item set forth in subsection A of this Section.
Terms Used In Illinois Compiled Statutes 215 ILCS 5/123B-8
- Director: means the Director of the Department of Insurance. See Illinois Compiled Statutes 215 ILCS 5/123B-2
- Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk which is determined to be insurance under the laws of Illinois. See Illinois Compiled Statutes 215 ILCS 5/123B-2
- Liability: means :
(a) legal liability for damages (including costs of
defense, legal costs and fees, and other claims expenses) because of injuries to other persons, damage to their property, or other damage or loss to such other persons resulting from or arising out of: |
(i) any business (whether for profit or not for
profit), trade, product, services (including professional services), premises, or operations; or |
(ii) any activity of any state or local
government, or any agency or political subdivision thereof; but |
(b) does not include personal risk liability and an
employer's liability with respect to its employees other than legal liability under the Federal Employers' Liability Act (45 U. See Illinois Compiled Statutes 215 ILCS 5/123B-2 (a) has as one of its purposes the purchase of | ||
| ||
(b) purchases such insurance only for its group | ||
| ||
(c) is composed of members whose businesses or | ||
| ||
(d) is domiciled in any State. See Illinois Compiled Statutes 215 ILCS 5/123B-2 C. The purchasing group shall register with and designate the Director as its agent solely for the purpose of receiving service of legal documents or process, for which a filing fee of $100 payable to the Director shall be required, except that such requirements shall not apply in the case of a purchasing group: (1) which in any state of the United States: (a) was domiciled before April 2, 1986; and (b) is domiciled on and after October 27, 1986, |
||
|
||
|
(2) which:
(a) before October 27, 1986, purchased insurance |
||
|
||
|
(b) since October 27, 1986, purchased its
|
||
|
||
|
(3) which was a purchasing group under the
|
||
|
||
|
(4) which does not purchase insurance that was not
|
||
|
||
|
D. Any purchasing group which was doing business in this State prior to August 3, 1987, shall, within 30 days after that date, furnish notice to the Director pursuant to the provisions of subsection A of this Section and furnish such information as may be required pursuant to subsection B of this Section.
|