Illinois § 1102 Definitions

Illinois Statutes

§ 1102 — Definitions

Illinois § 1102

JurisdictionIllinois

TopicREGULATION

Ch. 215INSURANCE

Act 215 ILCS 5/Illinois Insurance Code.

Art.Article XLI - Risk Retention Arrangements For Banking Associations

This text of Illinois § 1102 (Definitions) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

215 Ill. Comp. Stat. 1102 (2026).

Text

As used in this Article, the following terms have the following meanings:

(1)"Banking association" means any Illinois corporation, whether for-profit or not-for-profit, which functions as a professional or trade association of dues-paying member commercial banks. For purposes of this Article, "banking association" does not include any corporation which directly or indirectly (a) accepts deposits which the depositor has a right to withdraw on demand by check or negotiable order, or (b) engages in the business of making loans, or both.

(2)"Trust sponsor" means a banking association which has created a risk retention trust under this Article.

(3)"Pool retention fund" means a separate fund maintained for payment of first dollar claims, up to a specific amount per claim ("specific retention"

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As used in this Article, the following terms have the following meanings: (1) "Banking association" means any Illinois corporation, whether for-profit or not-for-profit, which functions as a professional or trade association of dues-paying member commercial banks. For purposes of this Article, "banking association" does not include any corporation which directly or indirectly (a) accepts deposits which the depositor has a right to withdraw on demand by check or negotiable order, or (b) engages in the business of making loans, or both. (2) "Trust sponsor" means a banking association which has created a risk retention trust under this Article. (3) "Pool retention fund" means a separate fund maintained for payment of first dollar claims, up to a specific amount per claim ("specific retention") and up to an aggregate amount for a 12-month period ("aggregate retention"). (4) "Contingency reserve fund" means a separate fund maintained for payment of claims in excess of the pool retention fund amount. (5) "Coverage grant" means the document describing specific coverages and terms of coverage which are provided by a risk retention trust created under this Article. (6) "Licensed service company" means an entity licensed under Section 464a of the Illinois Insurance Code to perform claims adjusting, loss control and data processing.