Illinois § 107a.07
Full text of Illinois Illinois Compiled Statutes § 107a.07, with citation guidance and answers to common questions.
§ 107a.07.
Sec. 107a.07. Standards for issuing and maintaining pool certificates of authority. (a) The Department shall consider the following in evaluating the financial strength of the pool: (1) The number of employees covered by the pool. (2) The particular industries in which the participants are engaged. (3) The combined net worth of pool participants. (4) Any excess insurance purchased from authorized insurers. (5) The gross annual payroll of members, which must be at least $10,000,000 for active pools not in runoff. (b) The pool administrator must either contract with a licensed service company or have sufficient resources, such as those set forth in item (3) of subsection (b) of Section 107a.06, to administer the proposed pool. (c) The Department must determine whether the pool can ensure that individual pool members are in compliance with Section 107a.08. (Source: P.A. 96-965, eff. 7-2-10.)
Frequently Asked Questions About Illinois § 107a.07
What does Illinois Compiled Statutes § 107a.07 cover?
Section 107a.07 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 107a.07?
A common citation format is "Illinois Compiled Statutes § 107a.07" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 107a.07 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.