§ 18c-4905 — Self-insurance

Illinois § 18c-4905

• Jurisdiction: Illinois
• Topic: TRANSPORTATION
• Ch. 625: VEHICLES
• Act 625 ILCS 5/: Illinois Vehicle Code.
• Art.: Chapter 18c - Illinois Commercial Transportation Law

Text

The Commission may exempt a carrier from the requirement of Sections 18c-4901, 18c-4902, 18c-4903, and 18c-4904 of this Chapter if it determines that the carrier has the financial ability to pay for any and all damages the liability for which would otherwise be assumed by an insurance or surety company under the referenced sections. Each carrier so exempted shall file periodic reports, at such intervals as the Commission shall specify, showing its continuing ability to act as a self-insurer. The Commission may rescind an exemption on 10 days' notice if rescission appears necessary to protect the public. Upon the granting or rescission of a self-insured status of a carrier by the Commission, the Commission shall immediately notify, in writing, the Illinois Department of Transportation of the name, address, and other pertinent information required by the Department of Transportation concerning the status of the carrier.

Legislative History

(Source: P.A. 84-1246.)