Bill Text: IL HB0981 | 2013-2014 | 98th General Assembly | Enrolled
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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-Enrolled.html
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-Enrolled.html
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1 | AN ACT concerning insurance.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Insurance Code is amended by | ||||||
5 | changing Section 536 as follows:
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6 | (215 ILCS 5/536) (from Ch. 73, par. 1065.86)
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7 | Sec. 536. Board of Directors. | ||||||
8 | (a) The board of directors of the Fund shall consist of not | ||||||
9 | less than 5
nor more than 10 9 persons , with one public member | ||||||
10 | appointed by the Director, serving terms as established in the | ||||||
11 | plan of
operation. The public member shall be a resident of | ||||||
12 | this State, and he or she shall either (1) be a licensed and | ||||||
13 | certified public accountant under the laws of this State or (2) | ||||||
14 | have earned, and maintain in good standing, the Chartered | ||||||
15 | Property and Casualty Underwriter (CPCU) designation from the | ||||||
16 | American Institute for Chartered Property Casualty | ||||||
17 | Underwriters. The plan of operation shall provide that the | ||||||
18 | board of directors
be elected on the basis of one vote for each | ||||||
19 | member company of the Fund. If
more than one company of a group | ||||||
20 | of wholly owned or controlled companies is a
member company of | ||||||
21 | the Fund only one vote will be allowed for the entire
group. | ||||||
22 | The members of the board of directors shall be elected by | ||||||
23 | member companies
subject to the approval of the Director. |
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1 | Vacancies on the board of
directors shall be filled for the | ||||||
2 | remaining period of the term by the board
of directors, subject | ||||||
3 | to the approval of the
Director.
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4 | (b) In approving elections to the board of directors, the | ||||||
5 | Director shall consider
among other things whether all member | ||||||
6 | companies are fairly represented.
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7 | (c) Members of the board of directors shall receive no | ||||||
8 | compensation, but may be
reimbursed from the assets of the Fund | ||||||
9 | for expenses incurred by them as
members of the board of | ||||||
10 | directors.
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11 | (Source: P.A. 85-576.)
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