(215 ILCS 120/3) (from Ch. 73, par. 1253)
Sec. 3.
Definitions.
For purposes of this Act unless the context
clearly requires otherwise:
"Policyholders' Surplus" means a company's admitted assets
less its
liabilities, including its liability for an unearned premium reserve.
"Direct Premium Written" means those amounts charged
policyholders
pursuant to the company's rating schedules and plans currently in use, less
return premiums.
"Gross Premium Written" means direct premium written plus assumed reinsurance premium.
"Assessment" means amounts levied to policyholders by
action of the
board of directors pursuant to the contingent liability clause contained in the
bylaws.
"Net Premium Written" means direct premium written plus
assumed reinsurance premium less ceded reinsurance
premium.
(Source: P.A. 88-364.)
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