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Illinois Statutes Chapter 215. Insurance § 107/5.30. Licensed insurer or insurer

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 5.30. Licensed insurer or insurer. “Licensed insurer” or “insurer” means any person, firm, association, or corporation duly licensed to transact a property or casualty insurance business in this State except that, for the purposes of this Act, the following entities are not licensed insurers:

(1) All risk retention groups as defined in the Superfund Amendments Reauthorization Act of 1986, Public Law N. 99-499, 100 Stat. 1613 (1986), the Risk Retention Act, 15 U.S.C. Section 3901 et seq. (1982 and Supp.1986), and Article VIIB of the Illinois Insurance Code.  1

(2) All residual market pools and joint underwriting authorities or associations.

(3) All captive insurers.

(4) All reciprocals having an attorney in fact or any affiliate thereof that is not paid a commission or other direct compensation for aiding in the soliciting, negotiating, or procuring the making of any insurance contract on behalf of another.

1 215 ILCS 5/123B-1 et seq.
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Cite this article: FindLaw.com - Illinois Statutes Chapter 215. Insurance § 107/5.30. Licensed insurer or insurer - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-215-insurance/il-st-sect-215-107-5-30/

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