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| [ Engrossed ] | [ House Amendment 001 ] |
90_HB2282
215 ILCS 5/141.01 from Ch. 73, par. 753.01
Amends the Illinois Insurance Code. Adds a caption to a
Section restricting termination of a policy because of
termination of an agent's contract with the company.
LRB9001579JSgc
LRB9001579JSgc
1 AN ACT to amend the Illinois Insurance Code by changing
2 Section 141.01.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Insurance Code is amended by
6 changing Section 141.01 as follows:
7 (215 ILCS 5/141.01) (from Ch. 73, par. 753.01)
8 Sec. 141.01. Termination of policy; contract with agent.
9 No company authorized to do business in Illinois shall
10 cancel, terminate or refuse to renew any policy on the ground
11 that the company's contract with the agent through whom such
12 policy was obtained has been terminated. This provision
13 shall not alter any contract between the agent and the
14 company regarding ownership of expirations where the agent is
15 able to place the policy with another insurer with similar
16 coverage to the satisfaction of the insured.
17 (Source: P.A. 80-1374.)