Bill Text: IL HB0981 | 2013-2014 | 98th General Assembly | Chaptered
Bill Title: Amends the Illinois Insurance Code. Provides that the board of directors of the Illinois Insurance Guaranty Fund shall consist of not less than 5 nor more than 11 persons, with 2 public members appointed by the Director of Insurance (instead of not less than 5 nor more than 9 persons).
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2013-08-09 - Public Act . . . . . . . . . 98-0202 [HB0981 Detail]
Download: Illinois-2013-HB0981-Chaptered.html
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Public Act 098-0202 | ||||
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AN ACT concerning insurance.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Insurance Code is amended by | ||||
changing Section 536 as follows:
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(215 ILCS 5/536) (from Ch. 73, par. 1065.86)
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Sec. 536. Board of Directors. | ||||
(a) The board of directors of the Fund shall consist of not | ||||
less than 5
nor more than 10 9 persons , with one public member | ||||
appointed by the Director, serving terms as established in the | ||||
plan of
operation. The public member shall be a resident of | ||||
this State, and he or she shall either (1) be a licensed and | ||||
certified public accountant under the laws of this State or (2) | ||||
have earned, and maintain in good standing, the Chartered | ||||
Property and Casualty Underwriter (CPCU) designation from the | ||||
American Institute for Chartered Property Casualty | ||||
Underwriters. The plan of operation shall provide that the | ||||
board of directors
be elected on the basis of one vote for each | ||||
member company of the Fund. If
more than one company of a group | ||||
of wholly owned or controlled companies is a
member company of | ||||
the Fund only one vote will be allowed for the entire
group. | ||||
The members of the board of directors shall be elected by | ||||
member companies
subject to the approval of the Director. |
Vacancies on the board of
directors shall be filled for the | ||
remaining period of the term by the board
of directors, subject | ||
to the approval of the
Director.
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(b) In approving elections to the board of directors, the | ||
Director shall consider
among other things whether all member | ||
companies are fairly represented.
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(c) Members of the board of directors shall receive no | ||
compensation, but may be
reimbursed from the assets of the Fund | ||
for expenses incurred by them as
members of the board of | ||
directors.
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(Source: P.A. 85-576.)
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