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Illinois Statutes Chapter 215. Insurance § 5/1102. Definitions

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§ 1102. Definitions. 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 (“aggregate retention”).

(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.

Cite this article: - Illinois Statutes Chapter 215. Insurance § 5/1102. Definitions - last updated January 01, 2019 |

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