Illinois § 1106 Trust - Participation

Illinois Statutes

§ 1106 — Trust - Participation

Illinois § 1106

JurisdictionIllinois

TopicREGULATION

Ch. 215INSURANCE

Act 215 ILCS 5/Illinois Insurance Code.

Art.Article XLI - Risk Retention Arrangements For Banking Associations

This text of Illinois § 1106 (Trust - Participation) 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. 1106 (2026).

Text

(1)A banking association and its member banks may participate in any trust created under this Article if it:

(a)Meets the underwriting standards for acceptance into the trust;

(b)Files a written application for coverage, agreeing to meet all of the membership conditions of the trust;

(c)Is a member of the association sponsoring the trust;

(d)Agrees to meet the ongoing loss control provisions and risk pooling arrangements set forth by the trustees;

(e)Pays its premium contribution on a timely basis as required; and (f) Pays its predetermined annual required contribution into the contingency reserve fund.

(2)Any bank accepted for trust membership and participating in the trust under this Article shall be liable for payment to the trust of the amount of its annual premium contribution

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(1) A banking association and its member banks may participate in any trust created under this Article if it: (a) Meets the underwriting standards for acceptance into the trust; (b) Files a written application for coverage, agreeing to meet all of the membership conditions of the trust; (c) Is a member of the association sponsoring the trust; (d) Agrees to meet the ongoing loss control provisions and risk pooling arrangements set forth by the trustees; (e) Pays its premium contribution on a timely basis as required; and (f) Pays its predetermined annual required contribution into the contingency reserve fund. (2) Any bank accepted for trust membership and participating in the trust under this Article shall be liable for payment to the trust of the amount of its annual premium contribution and its annual predetermined contingency reserve fund contribution.