Illinois Administrative Code
Title 50 - INSURANCE
Part 751 - PREAMBLE AND DEFINITIONS
Section 751.20 - Definitions
Current through Register Vol. 48, No. 12, March 22, 2024
a) The term "compiles insurance statistics" as used in Article VII-A includes but is not limited to:
b) The term "prepares insurance policies, bond forms, and underwriting rules" as used in Article VII-A, includes but is not limited to such functions as:
c) The term "activities of advisory organization" as used in Article VII-A includes, in addition to primary functions, other permitted related functions such as:
d) The term "furnishes that which it compiles and prepares to insurance companies who are its only members and subscribers" as used in Article VII-A includes but is not limited to such functions as:
e) The term "any group, association or organization of admitted companies which engages in joint underwriting or joint reinsurance" as used in Article VII-A includes a joint underwriting or joint reinsurance arrangement or transaction by two or more admitted companies with respect to any single risk, regardless or whether such companies are or are not members of a formal group, association or organization.
f) The term "allow admitted companies who are not members or subscribers to the organization to purchase the same services of such organization as are made available to members and subscribers without discrimination as respects costs to members and subscribers" as used in Article VII-A, requires advisory organizations to sell their services to non-member, non-subscriber admitted companies (service purchasers) at the same cost charged members and subscribers.
g) The term "permit any admitted company to become a member of or a subscriber to such organization at a reasonable cost and without discrimination, or to withdraw therefrom" as used in Article VII-A, requires advisory organizations to permit admitted companies to become members or subscribers at a reasonable cost based upon a schedule or formula that would not affect a company large or small unfairly.
h) The term "subject to the provisions of this Article two or more companies are authorized to act in concert with each other and with others with respect to any activities of an advisory organization as authorized in the Article" taken in conjunction with the term, Any group, association or organization of admitted companies which engages in joint underwriting or joint reinsurance through any group, association or organizations or by standing agreement among the members of such organization, which has complied with the applicable provision of this Article, are authorized to conduct joint reinsurance and joint underwriting activities relative to individual risks in this State as used in Article VII-A authorizes:
i) The term "In examining any organization pursuant to this section", as used in Section 123A-13 of Article VII-A includes the examination of joint underwriting and joint reinsurance groups, associations or organizations of companies, or any company.
j) The term "admitted company" as used in Article VII-A includes all companies permitted by the laws of this State to write the kinds of insurance to which Article VII-A applies.
k) The term "company or companies", as used in Article VII-A means an admitted insurance company which may or may not be a member, subscriber or service purchaser of an advisory organization or which may or may not be a part of any group, association or organization of joint underwriters and joint reinsurers.