Bill Text: IL HB0981 | 2013-2014 | 98th General Assembly | Engrossed

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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-Engrossed.html

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HB0981 Engrossed LRB098 02749 RPM 32757 b
AN ACT concerning insurance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Insurance Code is amended by
changing Section 536 as follows:
(215 ILCS 5/536) (from Ch. 73, par. 1065.86)
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.

HB0981 Engrossed - 2 - LRB098 02749 RPM 32757 b
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.
(b) In approving elections to the board of directors, the
Director shall consider among other things whether all member
companies are fairly represented.
(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.
(Source: P.A. 85-576.)