“Licensed insurer” or “insurer” means any person, firm, association, or corporation duly licensed to transact a property or casualty insurance business in this State except that, for the purposes of this Act, the following entities are not licensed insurers:
        (1) All risk retention groups as defined in the
    
Superfund Amendments Reauthorization Act of 1986, Public Law N. 99-499, 100 Stat. 1613 (1986), the Risk Retention Act, 15 U.S.C. § 3901 et seq. (1982 and Supp. 1986), and Article VIIB of the Illinois Insurance Code.
        (2) All residual market pools and joint underwriting
    
authorities or associations.
        (3) All captive insurers.

Terms Used In Illinois Compiled Statutes 215 ILCS 107/5.30

  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14

        (4) All reciprocals having an attorney in fact or any
    
affiliate thereof that is not paid a commission or other direct compensation for aiding in the soliciting, negotiating, or procuring the making of any insurance contract on behalf of another.
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