[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
| [ Introduced ] | [ Engrossed ] | [ Senate Amendment 001 ] |
91_HB0589enr HB0589 Enrolled LRB9101521JScs 1 AN ACT to amend the Illinois Insurance Code by adding 2 Section 143.11b. 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 adding Section 143.11b as follows: 7 (215 ILCS 5/143.11b new) 8 Sec. 143.11b. Assignment or transfer of property and 9 casualty policies. An assignment or transfer of a policy of 10 insurance to which Section 143.11 applies among or between 11 insurers within an insurance holding company system or 12 insurers under common management or control, or as a result 13 of a merger, acquisition, or restructuring of an insurance 14 company, is not a nonrenewal for purposes of the notification 15 requirements under Sections 143.12 through 143.24. However, 16 in the event of an increase in the renewal premium of 30% or 17 more, change in deductibles or change in coverage that 18 materially alters any policy to which subsection b of Section 19 143.17a applies, the company shall adhere to the provisions 20 set forth in subsection b of Section 143.17a. A company 21 making an assignment or transfer of a policy among or between 22 insurers within an insurance holding company system or 23 insurers under common management or control, or as a result 24 of a merger, acquisition, or restructuring of an insurance 25 company, shall have delivered to the named insured notice of 26 such assignment or transfer at least 60 days prior to the 27 renewal date. An exact and unaltered copy of the notice 28 shall also be sent to the insured's producer, if known, and 29 agent of record. The assignment or transfer of a policy or 30 policies of insurance among or between insurers shall not 31 occur without the producer or agent of record, or both, HB0589 Enrolled -2- LRB9101521JScs 1 having a signed agency contract with the entity to which the 2 policy or policies are to be assigned or transferred. If 3 there is not a signed agency contract, all of the notice 4 requirements of Sections 143.17 and 143.17a shall apply. 5 Nothing in this Section shall contravene any existing 6 producer and company contract rights. 7 Section 99. Effective date. This Act takes effect upon 8 becoming law.