Exams / Illinois Property Insurance Producer License / 215 ILCS 5/529.5
215 ILCS 5/529.5 — 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 5/529.5. (from Ch. 73, par. 1065.76-5) Sec. 529.5. The Industry Placement Facility shall compile an annual operating report, and publish such report in at least 2 newspapers having widespread circulation in the State, which report shall include: (1) a description of the origin and purpose of the Illinois Fair Plan and its relationship to the property and casualty insurance industry in Illinois; (2) a financial statement specifying the amount of profit or loss incurred by the Facility for its financial year; and (3) a disclosure as to the amount of subsidization per type of policy written by the Facility, which is provided by the property and casualty insurance companies operating in Illinois, if any. This annual report shall be a matter of public record to be made available to any person requesting a copy from the Facility at a fee not to exceed $10 per copy. A copy shall be available for inspection at the Department of Insurance. (Source: P.A. 93-32, eff. 7-1-03.)
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 215 ILCS 5/525.1, what is the maximum fee that may be charged for a copy of the FAIR Plan's annual operating report?
drill Illinois Statutes and Regulations Pertinent to Personal Lines Insurance Only → - Under 215 ILCS 5/529.5, what is the maximum fee the Industry Placement Facility may charge for a copy of its annual operating report?
drill Illinois Statutes and Regulations Pertinent to Personal Lines Insurance Only → - Under Section 529.5, what is the maximum fee the Industry Placement Facility may charge for a copy of its annual operating report?
drill Illinois Statutes and Regulations Pertinent to Property Insurance Only →