Illinois Compiled Statutes 215 ILCS 150 — Religious and Charitable Risk Pooling Trust Act.

This Act shall be known and may be cited as the "Religious and Charitable Risk Pooling Trust Act"

This Act shall be known and may be cited as the "Religious and Charitable Risk Pooling Trust Act". (Source: P.A. 80-530.)

Authorized organizations; purpose

Authorized organizations; purpose. Any number of organizations which are all exempt from taxation under paragraph (3) of subsection (c) of Section 501 of the Internal Revenue Code of 1954 as amended or as it may be amended hereafter are authorized to establish and become beneficiaries of a trust fund for the purpose of…

The trust fund shall be established and amended only by a written instrument which shall be filed with and approved by the Director of Insurance prior to its becoming effective

The trust fund shall be established and amended only by a written instrument which shall be filed with and approved by the Director of Insurance prior to its becoming effective. The Director of Insurance shall withhold approval of any instrument if it does not comply with the provisions of this Act or any rule or regul…

No corporation or entity shall be a beneficiary of the trust fund unless it either shall be incorporated under the laws of this State or shall have first procured a Certificate of Authority from the Secretary of State, except that a hospital owned and operated by a tax exempt unit of local government and such unit of l…

The trust fund is authorized to indemnify: (1) the beneficiaries thereof against the risk of loss due to damage, destruction or loss to property or imposition of legal liability; or (2) employees or full-time students of the beneficiaries against the risk of loss due to accident, sickness, or disablement. The trustees…

Risk pools; risk retention groups

Risk pools; risk retention groups. (a) A trust fund may enter into written agreements with other trust funds established under this Act whereby the risks assumed by any such trust fund may be pooled and shared with such other trust funds. (b) A trust fund may enter into written agreements for the purpose of assuming ri…

The trustees of all trust funds established under this Act shall be natural persons over the age of 18 who are residents of this State

The trustees of all trust funds established under this Act shall be natural persons over the age of 18 who are residents of this State. (Source: P.A. 80-530.)

Every such trust fund shall have no fewer than 3 nor more than 30 trustees

Every such trust fund shall have no fewer than 3 nor more than 30 trustees. No less than 2/3 of the trustees shall be officers, directors, trustees or full time employees of a beneficiary of the trust fund. (Source: P.A. 80-530.)

(a) No trustee shall be paid a salary or receive other compensation, except the written trust instrument may provide for reimbursement for actual expenses incurred on behalf of the trust fund

(a) No trustee shall be paid a salary or receive other compensation, except the written trust instrument may provide for reimbursement for actual expenses incurred on behalf of the trust fund. No trustee or any employer or affiliate of any trustee shall enter into any contract with the trust fund for, or receive any mo…

The trustees shall serve pursuant to the terms of the written trust instrument except that at any time no less than a majority of the beneficiaries may remove a trustee with or without cause

The trustees shall serve pursuant to the terms of the written trust instrument except that at any time no less than a majority of the beneficiaries may remove a trustee with or without cause. (Source: P.A. 80-530.)

In case any trustee shall be removed, resign, or cease to serve for any reason, no less than a majority of the beneficiaries shall appoint a successor

In case any trustee shall be removed, resign, or cease to serve for any reason, no less than a majority of the beneficiaries shall appoint a successor. (Source: P.A. 80-530.)

No trustees or successor trustee shall serve for more than 3 consecutive years unless he is reappointed by a majority of the beneficiaries

No trustees or successor trustee shall serve for more than 3 consecutive years unless he is reappointed by a majority of the beneficiaries. (Source: P.A. 80-530.)

The trustees shall have the powers specified in the written trust instrument which established the trust fund

The trustees shall have the powers specified in the written trust instrument which established the trust fund. (Source: P.A. 80-530.)

Each trust fund shall by June 1 of each year file with the Director of Insurance a full independently audited financial statement as of December 31 of the preceding year, accompanied by a report of the trustees detailing the operations of the trust fund and including a list of all beneficiaries during the year and a st…

Contribution Certificate

Contribution Certificate. A trust fund may issue contribution certificates, evidencing a contingent obligation to repay amounts advanced to the trust fund, for the purpose of obtaining funds to defray the expenses of organization, or providing surplus funds to the trust fund, or for any purpose required by its business…

Ineligible beneficiaries

Ineligible beneficiaries. A beneficiary is ineligible (1) if it is not exempt from taxation under paragraph (3) of subsection (c) of Section 501 of the Internal Revenue Code of 1954 as amended, or an affiliate of a corporation exempt from taxation under paragraph (3) of subsection (c) of Section 501 of the Internal Rev…

The written trust instrument may provide that a beneficiary who becomes ineligible may continue to receive benefits for no longer than 90 days beyond the date the beneficiary or any trustee first discovers such ineligibility. (Source: P.A. 80-530.)

No beneficiary shall have any cause of action against any other beneficiary arising solely out of the insolvency or inability of the trust fund to meet its obligations

No beneficiary shall have any cause of action against any other beneficiary arising solely out of the insolvency or inability of the trust fund to meet its obligations. This Section shall not preclude the collection of payments to the trust fund. (Source: P.A. 80-530.)

No trust fund established under this Act shall grant any power to the trustees which is inconsistent with this Act or any other law of this State

No trust fund established under this Act shall grant any power to the trustees which is inconsistent with this Act or any other law of this State. (Source: P.A. 80-530.)

Every trust fund established hereunder shall include in the written trust instrument the basis on which payments are made to and from the trust fund

Every trust fund established hereunder shall include in the written trust instrument the basis on which payments are made to and from the trust fund. (Source: P.A. 80-530.)

The Director of Insurance may make reasonable rules and regulations as may be necessary for the administration of this Act

The Director of Insurance may make reasonable rules and regulations as may be necessary for the administration of this Act. (Source: P.A. 80-530.)

Trust funds established under this Act and all persons interested therein or dealing therewith shall be subject to the provisions of Sections 133, 149, 401, 402 and 403 of the Illinois Insurance Code, as amended. (Source: P.A. 83-1496.)

The Director of Insurance shall have with respect to trust funds established under this Act the powers of examination conferred upon him relative to insurance companies by Sections 132 through 132

The Director of Insurance shall have with respect to trust funds established under this Act the powers of examination conferred upon him relative to insurance companies by Sections 132 through 132.7 of the Illinois Insurance Code. The cost of an examination shall be paid by the trust fund examined. (Source: P.A. 88-627…

The Director of Insurance shall charge, collect and give proper acquittances for the payment of fees and charges as set forth in Section 408 of the Illinois Insurance Code

The Director of Insurance shall charge, collect and give proper acquittances for the payment of fees and charges as set forth in Section 408 of the Illinois Insurance Code. (Source: P.A. 87-757.)

This Act shall apply regardless of any contrary provisions of any instrument

This Act shall apply regardless of any contrary provisions of any instrument. (Source: P.A. 80-530.)