Sec. 529.3. Insolvency.
65 words·~1 min read·
/il/chapter-215/act-5/529-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 529.3. Insolvency. In the event any company fails, by reason of insolvency, to pay any assessment, the Fund shall cause the reimbursement ratios, computed under Section 529.2, to be immediately recalculated, excluding therefrom the amount of the insolvent company's assessment determined by the Director of Insurance to be uncollectible, so that such uncollectible amount is, in effect, assumed and redistributed among the remaining companies.