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| [ Introduced ] | [ House Amendment 001 ] |
90_HB2282eng
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
HB2282 Engrossed LRB9001579JSgc
1 AN ACT to amend the Producer Controlled Insurer Act by
2 changing Section 20.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Producer Controlled Insurer Act is
6 amended by changing Section 20 as follow:
7 (215 ILCS 107/20)
8 Sec. 20. Disclosure. The producer shall deliver written
9 notice to the prospective insured before the effective date
10 of any policy disclosing the relationship between the
11 producer and the controlled insurer; except that if the
12 business is placed through a subproducer who is not a
13 controlling producer, the controlling producer shall retain
14 in his records a signed commitment from the subproducer that
15 the subproducer is aware of the relationship between the
16 controlling producer and the insurer and that the subproducer
17 has or will notify the insured and except that if the
18 business is placed for a governmental reciprocal, the
19 execution by a prospective subscriber of the subscriber's
20 agreement, which the governmental reciprocal shall retain in
21 its records, shall constitute compliance with this Section by
22 the governmental reciprocal, the controlling producer, and
23 any subproducer who is not a controlling producer. The
24 requirements of this Section apply to all policies written or
25 renewed more than 59 days after the effective date of this
26 Act.
27 (Source: P.A. 87-1090.)
28 Section 99. Effective date. This Act takes effect upon
29 becoming law.