Illinois Administrative Code
Title 50 - INSURANCE
Part 3301 - FAIR PLAN CREDIT PROGRAM
Section 3301.40 - Credit Formula
Current through Register Vol. 48, No. 12, March 22, 2024
a) The FAIR Plan shall compute the gross participation for all companies as set forth in their formula filed with and approved by the Director.
b) Beginning with calendar year 1981 and each calendar year thereafter, companies shall report to the FAIR Plan on or before April 1st of the following year residential property insurance written premiums as follows:
c) Beginning with calendar year 1981 and each calendar year thereafter, the FAIR Plan shall compute residential property insurance written premiums written in CEA's by the FAIR Plan during the calendar year. Such computation shall be made by April 1st of the subsequent year.
d) Companies shall receive credit on their participation as follows:
e) The minimum level of net participation for each company shall be 50% of its gross participation.
f) Only new policies on risks written on or after January 1, 1981, or renewal policies which were first written by the company claiming the credit on or after January 1, 1981, shall be considered for any credit. A policy will not be considered a new policy for purposes of claiming a credit if the immediate previous writer was a company affiliated with the new company on the risk.