215 ILCS 5/529.2: Making of assessments.

(Text of Section before amendment by P.A. 104-645)

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.

(Text of Section after amendment by P.A. 104-645)

Making of assessments.

(a) The participating insurers in the Association shall be liable to the Association as provided in this Article, and the Association's articles of association and plan of operation, for the expenses and liabilities of the Association. If the Association generates a loss in a financial year, the Association may assess the loss to its then-members pursuant to this Article, and the members shall pay to the Association their assessed amounts within 30 days after the assessment. If the Association generates a profit in a financial year, it may distribute the profit to its then-members pursuant to this Article, or it may retain the profit to offset past or future losses.

(b) If there is an assessment or refund, the amount of each member's assessment or refund shall be calculated by multiplying the amount of the assessment or refund by a fraction, the numerator of which is the member's direct property insurance premiums earned in this State and the denominator of which is the aggregate of such premiums for all Association members for that year, and then adjusting the assessment or refund pursuant to the then-existing Credit Depopulation Program.

(c) If any member fails to pay an assessment, by reason of insolvency, the Association shall redistribute that insolvent member's assessment amount among the remaining Association members.