(Section scheduled to be repealed on January 1, 2027)

126 words·~1 min read·/il/chapter-215/act-5/1-32

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 123A-2. Definitions. As used in this Article, unless the context requires otherwise:

(a)"Advisory Organization" means every person, other than an insurance company who as its primary functions

(i)compiles insurance statistics, or

(ii)prepares insurance policies, bond forms, and underwriting rules, and

(iii)furnishes that which it compiles and prepares to insurance companies who are its only members and subscribers.

(b)"Member" means an insurance company who participates in or is entitled to participate in the management of an advisory organization.

(c)"Subscriber" means an insurance company which is furnished at its request with those services provided for in par.

(a)of this Section by an advisory organization of which it is not a member.