Illinois Statutes Chapter 215. Insurance § 5/123D-5. Definitions

§ 123D-5. Definitions. As used in this Article:

“Member” means a nonprofit organization that participates as an insured in a nonprofit risk organization.

“Nonmember charitable organization” has the meaning set forth in subsection (n) of Section 501 of the Internal Revenue Code.

“Nonprofit organizations” means organizations described in paragraph (3) of subsection (c), and exempt from taxation under subsection (a), of Section 501 of the Internal Revenue Code.

“Nonprofit risk organization” means a nonprofit company organized to do business solely with nonprofit organizations as a qualified charitable risk pool under subsection (n) of Section 501 of the Internal Revenue Code that is organized in accordance with this Article.

“Startup capital” has the meaning set forth in subsection (n) of Section 501 of the Internal Revenue Code.