Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as
Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
(215 ILCS 5/123B-8) (from Ch. 73, par. 735B-8)
(Section scheduled to be repealed on January 1, 2027)
Sec. 123B-8.
Notice and registration requirements
of purchasing groups.
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 |
|
(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
|
|
(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.
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,
|
| in any state of the United States;
|
|
(2) which:
(a) before October 27, 1986, purchased insurance
|
| from an insurance carrier licensed in any state; and
|
|
(b) since October 27, 1986, purchased its
|
| insurance from an insurance carrier licensed in any state;
|
|
(3) which was a purchasing group under the
|
| requirements of the Product Liability Risk Retention Act of 1981 before October 27, 1986; and
|
|
(4) which does not purchase insurance that was not
|
| authorized for purposes of an exemption under that Act, as in effect before October 27, 1986.
|
|
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.
(Source: P.A. 87-1090.)
|
