Illinois Administrative Code
Title 50 - INSURANCE
Part 3301 - FAIR PLAN CREDIT PROGRAM
Section 3301.30 - Participation Parameters
Current through Register Vol. 48, No. 12, March 22, 2024
a) Gross Participation.
The gross participation shall apply uniformly to all property insurance and shall be based on the FAIR Plan participation formula which shall be filed with and approved by the Director of Insurance.
b) Credits.
Credits will be given for 1-4 family building Residential Fire and Homeowners policies and for Residential Fire and Homeowners policies written on personal contents in any structure. (Residential Property Insurance).
c) Net Participation.
Net participation is equal to gross participation adjusted by voluntary credits. There shall be no maximum applicable to net participation.
d) Market Penetration.
FAIR Plan market penetration shall be based only on residential building and contents policies. Residential contents policies will not be considered.
e) Credit Eligible Areas (CEA's)