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| | perform that work; but shall include liability for activities which are completed or abandoned before the date of the occurrence giving rise to the liability. See Illinois Compiled Statutes 215 ILCS 5/123B-2Contract: A legal written agreement that becomes binding when signed.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.Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.Director: means the Director of the Department of Insurance. See Illinois Compiled Statutes 215 ILCS 5/123B-2Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.Fiduciary: A trustee, executor, or administrator.Hazardous financial condition: means that, based on its present or reasonably anticipated financial condition, a risk retention group, although not yet financially impaired or insolvent, is unlikely to be able:
(a) to meet obligations to policyholders with respect | | | to known claims and reasonably anticipated claims; or |
| (b) to pay other obligations in the normal course of | | | business. See Illinois Compiled Statutes 215 ILCS 5/123B-2individual: 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 70/1.36Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.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-2Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCCLiability: 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-2Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.NAIC: means the National Association of Insurance Commissioners. See Illinois Compiled Statutes 215 ILCS 5/123B-2Oversight: Committee review of the activities of a Federal agency or program.Personal risk liability: means liability for damage because of injury to any person, damage to property, or other loss or damage resulting from any personal, familial, or household responsibilities or activities, rather than from responsibilities or activities referred to in paragraph (a) of subsection (6) of this Section;
(8) "Plan of operation or a feasibility study" means an analysis which presents the expected activities and results of a risk retention group including, at a minimum:
(a) information sufficient to verify that its members | | | are engaged in businesses or activities similar or related with respect to the liability to which such members are exposed by virtue of any related, similar, or common business, trade, product, services, premises or operations; |
| (b) for each state in which it intends to operate, | | | the coverages, deductibles, coverage limits, rates, and rating classification systems for each line of insurance the group intends to offer; |
| (c) historical and expected loss experience of the | | | proposed members and national experience of similar exposures to the extent this experience is reasonably available; |
| (d) pro forma financial statements and projections;
(e) appropriate opinions by a qualified, independent | | | casualty actuary, including a determination of minimum premium or participation levels required to commence operations and to prevent a hazardous financial condition; |
| (f) identification of management, underwriting and | | | claims procedures, marketing methods, managerial oversight methods, investment policies and reinsurance agreements; |
| (f-5) identification of each state in which the | | | risk retention group has obtained, or sought to obtain, a charter and license and a description of its status in each such state; and |
| (g) such other matters as may be prescribed by the | | | commissioner of the state in which the group is chartered for liability insurance companies authorized by the insurance laws of such state. See Illinois Compiled Statutes 215 ILCS 5/123B-2Product liability: means liability for damages because of any personal injury, death, emotional harm, consequential economic damage, or property damage (including damages resulting from the loss of use of property) arising out of the manufacture, design, importation, distribution, packaging, labeling, lease, or sale of a product, but does not include the liability of any person for those damages if the product involved was in the possession of such a person when the incident giving rise to the claim occurred. See Illinois Compiled Statutes 215 ILCS 5/123B-2Purchasing group: means any group which:
(a) has as one of its purposes the purchase of | | | liability insurance on a group basis; |
| (b) purchases such insurance only for its group | | | members and only to cover their similar or related liability exposure, as described in paragraph (c) of this subsection (10); |
| (c) is composed of members whose businesses or | | | activities are similar or related with respect to the liability to which members are exposed by virtue of any related, similar, or common business, trade, product, services, premises, or operations; and |
| (d) is domiciled in any State. See Illinois Compiled Statutes 215 ILCS 5/123B-2Remainder: 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.Risk retention group: means any corporation or other limited liability association:
(a) whose primary activity consists of assuming and | | | spreading all, or any portion, of the liability exposure of its group members; |
| (b) which is organized for the primary purpose of | | | conducting the activity described under paragraph (a) of this subsection (11); |
| (c) which:
(i) is organized and licensed as a liability | | | insurance company and authorized to engage in the business of insurance under the laws of any state; or |
| (ii) before January 1, 1985 was organized or | | | licensed and authorized to engage in the business of insurance under the laws of Bermuda or the Cayman Islands and, before such date, had certified to the insurance commissioner of at least one state that it satisfied the capitalization requirements of such state, except that any such group shall be considered to be a risk retention group only if it has been engaged in business continuously since such date and only for the purposes of continuing to provide insurance to cover product liability or completed operations liability (as such terms were defined in the Product Liability Risk Retention Act of 1981 before the date of the enactment of the Risk Retention Act of 1986); |
| (d) which does not exclude any person from membership | | | in the group solely to provide for members of such a group a competitive advantage over such a person; |
| (e) which:
(i) has as its owners (directly or indirectly) | | | only persons who comprise the membership of the risk retention group and who are provided insurance by such group; or |
| (ii) has as its sole owner (directly or | | | indirectly) an organization which: |
| (I) has as its members only persons who | | | comprise the membership of the risk retention group; and |
| (II) has as its owners only persons who | | | comprise the membership of the risk retention group and who are provided insurance by such group; |
| (f) whose members are engaged in businesses or | | | activities similar or related with respect to the liability of which such members are exposed by virtue of any related, similar, or common business, trade, product, services, premises, or operations; |
| (g) whose activities do not include the provision of | | (i) liability insurance for assuming and | | | spreading all or any portion of the liability of its group members; and |
| (ii) reinsurance with respect to the liability of | | | any other risk retention group (or any members of such other group) which is engaged in businesses or activities so that such group or member meets the requirement described in paragraph (f) of this subsection (11) for membership in the risk retention group which provides such reinsurance; and |
| (h) the name of which includes the phrase "Risk | |
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