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Illinois Statutes Chapter 215. Insurance § 120/5. Kinds of Insurance

Current as of January 01, 2022 | Updated by FindLaw Staff

§ 5. Kinds of Insurance.

(1) Any company operating under this Act is authorized to insure or to accept reinsurance from other farm mutual companies against loss or damage by:

(a) any peril or perils, except earthquake, resulting in physical loss or damage to property;

(b) animal mortality;

(c) consequential loss coverages if written in conjunction with the policy providing direct coverage for same.

(2) A company authorized under this Act may insure against loss or damage by the perils of wind, only if such company has and maintains policyholders' surplus equal to or greater than $100,000.

(3) A company may undertake to insure against the peril of flood to the extent such company is reinsured pursuant to the National Flood Insurance Program, and only if such company has and maintains policyholders' surplus equal to or greater than $100,000.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 215. Insurance § 120/5. Kinds of Insurance - last updated January 01, 2022 | https://codes.findlaw.com/il/chapter-215-insurance/il-st-sect-215-120-5/

Read this complete Illinois Statutes Chapter 215. Insurance § 120/5. Kinds of Insurance on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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