[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
| [ Introduced ] | [ Engrossed ] | [ Enrolled ] |
91_HB0589sam001
LRB9101521JSpcam04
1 AMENDMENT TO HOUSE BILL 589
2 AMENDMENT NO. . Amend House Bill 589 by replacing
3 the title with the following:
4 "AN ACT to amend the Illinois Insurance Code by adding
5 Section 143.11b."; and
6 by replacing everything after the enacting clause with the
7 following:
8 "Section 5. The Illinois Insurance Code is amended by
9 adding Section 143.11b as follows:
10 (215 ILCS 5/143.11b new)
11 Sec. 143.11b Assignment or transfer of property and
12 casualty policies. An assignment or transfer of a policy of
13 insurance to which Section 143.11 applies among or between
14 insurers within an insurance holding company system or
15 insurers under common management or control, or as a result
16 of a merger, acquisition, or restructuring of an insurance
17 company, is not a nonrenewal for purposes of the notification
18 requirements under Sections 143.12 through 143.24. However,
19 in the event of an increase in the renewal premium of 30% or
20 more, change in deductibles or change in coverage that
21 materially alters any policy to which subsection b of Section
-2- LRB9101521JSpcam04
1 143.17a applies, the company shall adhere to the provisions
2 set forth in subsection b of Section 143.17a. A company
3 making an assignment or transfer of a policy among or between
4 insurers within an insurance holding company system or
5 insurers under common management or control, or as a result
6 of a merger, acquisition, or restructuring of an insurance
7 company, shall have delivered to the named insured notice of
8 such assignment or transfer at least 60 days prior to the
9 renewal date. An exact and unaltered copy of the notice
10 shall also be sent to the insured's producer, if known, and
11 agent of record. The assignment or transfer of a policy or
12 policies of insurance among or between insurers shall not
13 occur without the producer or agent of record, or both,
14 having a signed agency contract with the entity to which the
15 policy or policies are to be assigned or transferred. If
16 there is not a signed agency contract, all of the notice
17 requirements of Sections 143.17 and 143.17a shall apply.
18 Nothing in this Section shall contravene any existing
19 producer and company contract rights.
20 Section 99. Effective date. This Act takes effect upon
21 becoming law.".