(215 ILCS 5/1105)
(from Ch. 73, par. 1065.805)
Risk Retention Trust.
(1) Any banking association which has
been in existence for a period of not less than 2 years may create a risk
retention trust for the pooling of risks in order to provide
casualty coverage authorized under Section 5 of the Illinois Banking Act,
as now or hereafter amended, for its member banks. Such trust
shall be administered by at least 3 trustees who are appointed by the trust
sponsor and who represent association member banks which have agreed in
writing to participate in the trust.
(2) The trustees shall appoint a qualified administrator who shall
administer the affairs of the risk retention trust.
(3) The trustees shall retain a licensed service company to perform
claims adjusting, loss control and data processing.
(4) The trust sponsor, the trustees and the trust administrator shall be
fiduciaries of the trust.
(5) Any trust created under this Article shall be consummated by a
written trust agreement and shall be subject to the laws of this State
governing the creation and operation of trusts, to the extent not
inconsistent with this Article.
(Source: P.A. 84-1431.)