(215 ILCS 5/123C-15) (from Ch. 73, par. 735C-15)
(Section scheduled to be repealed on January 1, 2027)
Sec. 123C-15.
Exemption from compulsory associations.
No captive insurance company shall be permitted or
required to join or contribute financially to any plan,
pool, association, or guaranty or insolvency fund in
this State, nor shall any captive insurance company,
nor its insureds nor any claimants against the insureds,
nor its parent nor any affiliated company, nor any member
organization of its association, receive any benefit
from any such plan, pool, association, or guaranty or
insolvency fund for claims arising out of the operations
of such captive insurance company. Each association
captive insurance company and each industrial insured
captive insurance company shall inform each insured,
in both the application for insurance and in the policy
issued to such insured, that (i) the captive insurance
company is not subject to all of the insurance laws
and regulations of this State, and (ii) state insurance
insolvency guaranty funds are not available to such
insured for claims arising out of the operations of
such captive insurance company.
(Source: P.A. 85-131.)
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