Illinois Administrative Code
Title 50 - INSURANCE
Part 908 - RECORDING OF PREMIUMS COLLECTED AND DEFINITION OF GROSS PREMIUMS
Section 908.30 - "Gross Premiums" Defined
Universal Citation: 50 IL Admin Code ยง 908.30
Current through Register Vol. 48, No. 12, March 22, 2024
For the purpose of computing or calculating the unearned premium reserve under section 393.1 of the Illinois Insurance Code, the term "Gross Premium" in any particular case is defined as the total amount charged the insured, excluding only the following:
a) policy and/or membership fees, when these charges appear as separate amounts on the policy and are authorized under the company's approved rate filing; and
b) taxes where the Company acts only as a collection agency and the amounts collected clearly appear as separate charges on the policy.
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