TITLE 50: INSURANCE
CHAPTER I: DEPARTMENT OF INSURANCE
SUBCHAPTER ii: INSURANCE PRODUCERS, LIMITED INSURANCE REPRESENTATIVES AND BUSINESS ENTITIES
PART 3113 PREMIUM FUND TRUST ACCOUNT
SECTION 3113.30 DEFINITIONS
Section 3113.30 Definitions
Financial Institution means a Federal or State chartered bank(s) or savings and loan institution(s) which is a member of the Federal Deposit Insurance Corporation (FDIC) or the Federal Savings and Loan Insurance Corporation (FSLIC).
Premium means any amount of money charged to the insured or to be returned to the insured by the insurer for the assumption of liability through the issuance of policies or contracts for insurance.
Premium Fund Trust Account (hereafter referred to as PFTA) means a special fiduciary account established and maintained by a licensee into which all premiums collected are to be deposited.
Primary Dealer means a financial institution or government securities dealer who reports daily to the Federal Reserve Bank of New York. (A list of primary dealers is made available by the Federal Reserve Bank of New York, 33 Liberty Street, New York, New York 10045.)
Quasi-Resident means a non-resident licensee who has a place of business in Illinois or who produces 50% or more of his or her premium volume on Illinois property or risks. For purposes of this definition, a place of business means any identification, designation or location in Illinois used by a Quasi-Resident for insurance purposes. Such identification, designation or location may include but is not limited to the use of an Illinois telephone number, address, post office box or lock box.
(Source: Amended at 28 Ill. Reg. 7303, effective May 10, 2004)