(215 ILCS 5/123B-8) (from Ch. 73, par. 735B-8)
(Section scheduled to be repealed on January 1, 2017)
Sec. 123B-8. Notice and registration requirements of purchasing groups.
A. A purchasing group that intends to do business in this State shall, prior to doing business, furnish notice to the Director, on a form prescribed by the Director, that shall:
(1) identify the state in which the group is
domiciled;
(2) specify the lines and classifications of
liability insurance which the purchasing group intends to purchase;
(3) identify the insurance company from which the
group intends to purchase its insurance and the domicile of such company;
(4) specify the method by which, and the person or
persons, if any, through whom insurance will be offered to its members whose risks are resident or located in this State;
(5) identify the principal place of business of the
group;
(6) identify all other states in which the group
intends to do business; and
(7) provide such other information as may be required
by the Director to verify that the purchasing group is qualified under subsection (10) of Section 123B-2 of this Article.
B. A purchasing group shall, within 10 days, notify the Director of any changes in any item set forth in subsection A of this Section.
C. The purchasing group shall register with and designate the Director as its agent solely for the purpose of receiving service of legal documents or process, for which a filing fee of $100 payable to the Director shall be required, except that such requirements shall not apply in the case of a purchasing group:
(1) which in any state of the United States:
(a) was domiciled before April 2, 1986; and
(b) is domiciled on and after October 27, 1986,
in any state of the United States;
(2) which:
(a) before October 27, 1986, purchased insurance
from an insurance carrier licensed in any state; and
(b) since October 27, 1986, purchased its
insurance from an insurance carrier licensed in any state;
(3) which was a purchasing group under the
requirements of the Product Liability Risk Retention Act of 1981 before October 27, 1986; and
(4) which does not purchase insurance that was not
authorized for purposes of an exemption under that Act, as in effect before October 27, 1986.
D. Any purchasing group which was doing business in this State prior to August 3, 1987, shall, within 30 days after that date, furnish notice to the Director pursuant to the provisions of subsection A of this Section and furnish such information as may be required pursuant to subsection B of this Section.
(Source: P.A. 87-1090.)
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Last modified: February 18, 2015