(215 ILCS 5/1102)
(from Ch. 73, par. 1065.802)
As used in this Article, the following terms
have the following meanings:
(1) "Banking association" means any Illinois corporation, whether
for-profit or not-for-profit, which functions as a professional or trade
association of dues-paying member commercial banks. For purposes of this
Article, "banking association" does not include any corporation which
directly or indirectly (a) accepts deposits which the depositor has a right
to withdraw on demand by check or negotiable order, or (b) engages in the
business of making loans, or both.
(2) "Trust sponsor" means a banking association which has created a risk
retention trust under this Article.
(3) "Pool retention fund" means a separate fund maintained for
payment of first dollar claims, up to a specific amount per claim
("specific retention") and up to an aggregate amount for a 12-month period
(4) "Contingency reserve fund" means a separate fund maintained for
payment of claims in excess of the pool retention fund amount.
(5) "Coverage grant" means the document describing specific
coverages and terms of coverage which are provided by a risk retention trust
created under this Article.
(6) "Licensed service company" means an entity licensed under Section
464a of the Illinois Insurance Code to perform claims adjusting, loss
control and data processing.
(Source: P.A. 84-1431.)