ILCS » Chapter 215 · Act 150
Illinois Compiled Statutes

215 ILCS 150/2 (2026)

Authorized organizations; purpose

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(215 ILCS 150/2) (from Ch. 148, par. 202)
    Sec. 2. 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: (1) providing protection for themselves against the risk of financial loss due to damage, destruction or loss to property or the imposition of legal liability; or (2) providing protection for their employees or full-time students, but not dependents, against the risk of financial loss due to accident, sickness, or disablement. Any of such organizations' affiliated title holding corporations that are exempt from taxation under paragraph (2) 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 or become beneficiaries of a trust for the purpose of providing protection for themselves against the risk of financial loss due to damage, destruction, or loss to property or the imposition of legal liability.
    A hospital or long-term care facility owned and operated by a tax exempt unit of local government and such unit of local government, in relation to and to the extent of its liabilities arising from the ownership or operation of such hospital or long-term care facility, may participate in the establishment of and may become beneficiaries of a trust fund established under this Act for the purpose of providing protection against the risk of financial loss due to the imposition of legal liability.
(Source: P.A. 92-99, eff. 7-20-01.)

    
Notes of Decisions
Cited in 2 cases, 2001–2001 · leading case: Chicago Hosp. Risk Pooling Prog. v. STATE MED. INTER-INS. Exch., 758 N.E.2d 353 (Ill. App. Ct. 1st Dist. 2001).
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Chicago Hosp. Risk Pooling Prog. v. STATE MED. INTER-INS. Exch., 758 N.E.2d 353 (Ill. App. Ct. 1st Dist. 2001). · cites it 6× “CHRPP claimed that applying the rule to the trust would violate the purpose of the Risk Pooling Act, to minimize the amount of money nonprofit hospitals spend on protecting themselves from the risks of financial loss due to their liabilities (215 ILCS 150/2 (West 1998)), and…”
Chicago Hosp. Risk Pooling Prog. v. Illinois State Med. Inter-Ins. Exch., No. 1-99-3507, 3508 cons. Rel (Ill. App. Ct. 1st Dist. Sept. 27, 2001). · cites it 3× “CHRPP claimed that applying the rule to the trust would violate the purpose of the Risk Pooling Act, to minimize the amount of money nonprofit hospitals spend on protecting themselves from the risks of financial loss due to their liabilities (215 ILCS 150/2 (West 1998)), and…”
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