Exams / Illinois Property Insurance Producer License / 215 ILCS 5/529.2
215 ILCS 5/529.2 — what it says, and how the exam tests it
This section is cited by 3 of our practice questions and is tested on 3 exams including the Illinois Property Insurance Producer License.
The text
215 ILCS 5/529.2. (from Ch. 73, par. 1065.76-2) Sec. 529.2. Making of assessments. Whenever the Secretary shall, in accordance with the Act, present to the State a request for reimbursement under the Act, the Fund shall immediately assess all companies which, during the calendar year with respect to which reimbursement is requested by the Secretary, are engaged in writing property insurance in this State. The amount of each such company's assessment shall be calculated by multiplying the amount of the reimbursement requested by the Secretary by a fraction the numerator of which is the company's direct property insurance premiums earned in this State and the denominator of which is the aggregate of such premiums for all companies. Within 30 days following the end of each full calendar quarter, each company shall pay to the Fund an amount equal to one-twelfth of the company's assessment. (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 529.2, within how many days following the end of each full calendar quarter must a company pay its quarterly assessment to the Fund?
drill Illinois Statutes and Regulations Pertinent to Property Insurance Only → - Under Section 529.2, how is the amount of each company's assessment calculated when the Secretary requests reimbursement?
drill Illinois Statutes and Regulations Pertinent to Property Insurance Only → - Under Section 529.2, within how many days following the end of each full calendar quarter must a company pay its assessment installment to the Fund?
drill Illinois Statutes and Regulations Pertinent to Property Insurance Only →