Exams / Illinois Property Insurance Producer License / 215 ILCS 5/529.1
215 ILCS 5/529.1 — what it says, and how the exam tests it
This section is cited by 2 of our practice questions and is tested on 3 exams including the Illinois Property Insurance Producer License.
The text
215 ILCS 5/529.1. (from Ch. 73, par. 1065.76-1) Sec. 529.1. Reimbursement of the Secretary. The Fund shall reimburse the Secretary of the Department of Housing and Urban Development (hereinafter referred to as "the Secretary") under the provisions of Section 1223(a) (1) of the Urban Property Protection and Reinsurance Act of 1968 (hereinafter referred to as "the Act") for losses reinsured by the Secretary and occurring in this State on or after August 1, 1968, provided that the total amount of reimbursement in any one year shall not, in the aggregate, exceed 5% of the aggregate property insurance premiums earned in this State during the preceding calendar year on those lines of insurance reinsured by the Secretary in this State during the calendar year. (Source: P.A. 76-714.)
Public record. Read the full, current section at the official source: www.ilga.gov
How it comes up on the exam
Practice questions written from this section — answers and explanations are in the drill.
- Under Section 529.1, what is the maximum aggregate amount the Fund may reimburse the Secretary in any one year?
drill Illinois Statutes and Regulations Pertinent to Property Insurance Only → - Under Section 529.1, what is the maximum aggregate reimbursement the Fund may pay to the Secretary of HUD in any one year?
drill Illinois Statutes and Regulations Pertinent to Property Insurance Only →