A. A purchasing group that intends to do business in this State shall, prior to doing business, furnish notice to the Director, on a form prescribed by the Director, that shall:
         (1) identify the state in which the group is
    
domiciled;
        (2) specify the lines and classifications of
    
liability insurance which the purchasing group intends to purchase;
        (3) identify the insurance company from which the
    
group intends to purchase its insurance and the domicile of such company;
        (4) specify the method by which, and the person or
    
persons, if any, through whom insurance will be offered to its members whose risks are resident or located in this State;
        (5) identify the principal place of business of the
    
group;
        (6) identify all other states in which the group
    
intends to do business; and
        (7) provide such other information as may be required
    
by the Director to verify that the purchasing group is qualified under subsection (10) of Section 123B-2 of this Article.
    B. A purchasing group shall, within 10 days, notify the Director of any changes in any item set forth in subsection A of this Section.

Terms Used In Illinois Compiled Statutes 215 ILCS 5/123B-8

  • Director: means the Director of the Department of Insurance. See Illinois Compiled Statutes 215 ILCS 5/123B-2
  • Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk which is determined to be insurance under the laws of Illinois. See Illinois Compiled Statutes 215 ILCS 5/123B-2
  • Liability: means :
             (a) legal liability for damages (including costs of
    
defense, legal costs and fees, and other claims expenses) because of injuries to other persons, damage to their property, or other damage or loss to such other persons resulting from or arising out of:
            (i) any business (whether for profit or not for
        
profit), trade, product, services (including professional services), premises, or operations; or
            (ii) any activity of any state or local
        
government, or any agency or political subdivision thereof; but
        (b) does not include personal risk liability and an
    
employer's liability with respect to its employees other than legal liability under the Federal Employers' Liability Act (45 U. See Illinois Compiled Statutes 215 ILCS 5/123B-2
  • Purchasing group: means any group which:
             (a) has as one of its purposes the purchase of
    •     
    liability insurance on a group basis;
            (b) purchases such insurance only for its group
        
    members and only to cover their similar or related liability exposure, as described in paragraph (c) of this subsection (10);
            (c) is composed of members whose businesses or
        
    activities are similar or related with respect to the liability to which members are exposed by virtue of any related, similar, or common business, trade, product, services, premises, or operations; and
            (d) is domiciled in any State. See Illinois Compiled Statutes 215 ILCS 5/123B-2
  • State: means any state of the United States or the District of Columbia. See Illinois Compiled Statutes 215 ILCS 5/123B-2
  • United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14

    •      C. The purchasing group shall register with and designate the Director as its agent solely for the purpose of receiving service of legal documents or process, for which a filing fee of $100 payable to the Director shall be required, except that such requirements shall not apply in the case of a purchasing group:
             (1) which in any state of the United States:
                 (a) was domiciled before April 2, 1986; and
                 (b) is domiciled on and after October 27, 1986,
            
    in any state of the United States;
            (2) which:
                 (a) before October 27, 1986, purchased insurance
            
    from an insurance carrier licensed in any state; and
                (b) since October 27, 1986, purchased its
            
    insurance from an insurance carrier licensed in any state;
            (3) which was a purchasing group under the
        
    requirements of the Product Liability Risk Retention Act of 1981 before October 27, 1986; and
            (4) which does not purchase insurance that was not
        
    authorized for purposes of an exemption under that Act, as in effect before October 27, 1986.
        D. Any purchasing group which was doing business in this State prior to August 3, 1987, shall, within 30 days after that date, furnish notice to the Director pursuant to the provisions of subsection A of this Section and furnish such information as may be required pursuant to subsection B of this Section.
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