Illinois General Assembly - Illinois Compiled Statutes

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 5/123D-10

(215 ILCS 5/123D-10)

Sec. 123D-10. Organization of nonprofit risk organizations.

(a) A company organized pursuant to Articles III or IV, including such
companies organized as a risk retention group in this State pursuant to Article
VIIB of
this Code, that satisfies the requirements of this Article may be organized as
a nonprofit
risk organization.

(b) Notwithstanding any contrary provision in subsection A of Section 123B-3
of
this Code, a nonprofit risk organization may be organized as a reciprocal
insurance
company and qualify for organization under Article VIIB as a risk retention
group.

(c) No nonprofit risk organization issued a certificate of authority
pursuant to this
Article shall be converted into a corporation or other entity organized for
pecuniary profit
or into a for-profit organization of any kind.

(Source: P.A. 93-918, eff. 1-1-05.)