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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB1462 Introduced 2/17/2021, by Rep. Emanuel Chris Welch SYNOPSIS AS INTRODUCED:
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| | Amends the Illinois Insurance Code. Makes a technical change in a Section concerning the purpose of the Article regarding nonprofit risk organizations.
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| | A BILL FOR |
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| | HB1462 | | LRB102 03478 BMS 13491 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Insurance Code is amended by |
| 5 | | changing Section 123D-1 as follows:
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| 6 | | (215 ILCS 5/123D-1)
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| 7 | | Sec. 123D-1. Purpose; construction.
The
The purpose of |
| 8 | | this Article is to provide for the organization of and
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| 9 | | issuance
of a certificate of authority to nonprofit risk |
| 10 | | organizations that insure
nonprofit
organizations and that |
| 11 | | will qualify, and continue to qualify, as a qualified
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| 12 | | charitable risk
pool, as defined in subsection (n) of Section |
| 13 | | 501 of the Internal Revenue Code. |
| 14 | | (Source: P.A. 93-918, eff. 1-1-05.)
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