(215 ILCS 5/107.06a)
(from Ch. 73, par. 719.06a)
(Section scheduled to be repealed on January 1, 2017)
Sec. 107.06a.
Organization under Illinois Insurance Code.
(a) After December 31, 1997, a syndicate or limited syndicate, except for a limited syndicate formed as a partnership or a special purpose limited syndicate, may only be organized pursuant to Sections 7, 8, 10, 11, 12, 14, 14.1 (other than subsection (d) thereof), 15 (other than subsection (d) thereof), 18, 19, 20, 21, 22, 23, 25, 27.1, 28, 28.1, 28.2, 29, 30, 31, 32, 32.1, 33, and 35.1 and Article X of this Code, to carry on the business of a syndicate, or limited syndicate under Article V‑1/2 of this Code; provided that such syndicate or limited syndicate is admitted to the Exchange.
(b) After December 31, 1997, syndicates and limited syndicates are subject to the following:
(1) Articles I, IIA, VIII, VIII 1/2, X, XI, XI 1/2,
| XII, XII 1/2, XIII, XIII 1/2, XXIV, XXV (Sections 408 and 412 only), and XXVIII (except for Sections 445, 445.1, 445.2, 445.3, 445.4, and 445.5) of this Code; | |
(2) Subsections (2) and (3) of Section 155.04 and |
| Sections 13, 132.1 through 140, 141a, 144, 155.01, 155.03, 378, 379.1, 393.1, 395, and 396 of this Code; | |
(3) the Reinsurance Intermediary Act; and
(4) the Producer Controlled Insurer Act.
(c) No other provision of this Insurance Code shall be applicable to any such syndicate or limited syndicate except as provided in this Article V‑1/2.
(Source: P.A. 91‑278, eff. 7‑23‑99; 92‑74, eff. 7‑12‑01 .) |
(215 ILCS 5/107.15a)
(from Ch. 73, par. 719.15a)
(Section scheduled to be repealed on January 1, 2017)
Sec. 107.15a.
Duties and powers of trustees.
The Board of Trustees shall have such power as may be necessary for the management and operations of the Exchange and the Association. Such powers shall include but not be limited to:
(a) establishment of the qualifications,
| requirements, limitations and obligations for syndicates, limited syndicates, subscribers, and Exchange brokers; | |
(b) denying access to the Exchange to applicants |
| which do not meet such qualifications, requirements, and obligations; | |
(c) imposing penalties on syndicates, limited |
| syndicates, subscribers and Exchange brokers for violations of the regulations of the Exchange or orders of the Board; | |
(d) assessing fees annually on syndicates, limited |
| syndicates, subscribers and Exchange brokers, and making assessments on syndicates, limited syndicates and subscribers for the expenses of the Exchange; | |
(e) suspending, in whole or in part, access to the |
| Exchange or expelling syndicates, limited syndicates, subscribers or Exchange brokers who do not continue to meet the qualifications, requirements, and obligations established by the Board, who fail or refuse to pay penalties, fees, or assessments when due, or whose continued operation the Board determines would be injurious to the best interests of the Exchange, policyholders, claimants, or creditors; | |
(f) obtaining immediate access for the benefit of |
| the Immediate Access Security Association to the following assets of the impaired or insolvent syndicate: | |
(i) the full amount held in its security trust |
| or custodial account; and | |
(ii) the assets of its subscribers under their |
| certificates of guaranty; | |
(g) organizing a guaranty mechanism or fund for the |
| protection of policyholders. | |
(Source: P.A. 91‑77, eff. 7‑9‑99; 91‑796, eff. 6‑9‑00 .) |