Sec. 179E-80. SPRV not subject to guaranty funds, residual market, or similar arrangements.
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/il/chapter-215/act-5/179e-80A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 179E-80. SPRV not subject to guaranty funds, residual market, or similar arrangements.
(a)An SPRV or the activities, assets, and obligations relating to the SPRV are not subject to the provisions of Articles XXXIII 1/2 and XXXIV of this Code, and an SPRV may not be assessed by or otherwise be required to contribute to any guaranty fund or guaranty association in this State with respect to the activities, assets, or obligations of an SPRV or the ceding insurer.
(b)An SPRV may not be required to participate in residual market, FAIR plan, or other similar plans to provide insurance coverage, take out policies, assume risks, make capital contributions, pay or be otherwise obligated for assessments, surcharges, or fees, or otherwise support or participate in such plans or arrangements.