CHAPTER 116: INSURANCE COMPANIES

Section

Out-of-State Fire Insurance Companies

   116.01   Compliance required

   116.02   Tax imposed; payment

   116.03   Reports required

Cross-reference:

   Fire Department; Pension Fund, see §§ 36.40 et seq.

   Fire protection tax, see § 92.001

OUT-OF-STATE FIRE INSURANCE COMPANIES

§ 116.01 COMPLIANCE REQUIRED.

   It shall be unlawful for any corporation or association not incorporated under the laws of the state to engage in effecting fire insurance in the city or to transact any business of fire insurance in the city without fully complying with the provisions of this subchapter.

(1969 Code, § 15-41) Penalty, see § 10.99

§ 116.02 TAX IMPOSED; PAYMENT.

   Any corporation or association subject to this subchapter shall pay to the Treasurer for the maintenance, use, and benefit of the Fire Department fund a sum of money equal to 2% of the gross receipts each year received for premiums by any and all agents of any such corporation or association, or received as premiums in any way for fire insurance policies on any property in the city. The payments to the Treasurer shall be made for the year ending July 1 of each year.

(1969 Code, § 15-42) Penalty, see § 10.99

Statutory reference:

   Similar provisions, see ILCS Chapter 65, Act 5, § 11-10-1