Bill Text: IL SB2635 | 2013-2014 | 98th General Assembly | Introduced
Bill Title: Amends the Mine Subsidence Insurance Article of the Illinois Insurance Code. Increases the membership of the Board of Directors of the Illinois Mine Subsidence Insurance Fund from 11 to 13, adding 2 members who shall be public directors. Provides that of the 2 members added by the amendatory Act, one shall be appointed for a term to expire in 2016 and one shall be appointed for a term to expire in 2017.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2015-01-13 - Session Sine Die [SB2635 Detail]
Download: Illinois-2013-SB2635-Introduced.html
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1 | AN ACT concerning regulation.
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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 804.1 as follows:
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6 | (215 ILCS 5/804.1)
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7 | Sec. 804.1. Management of the Fund.
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8 | (a) The Fund shall be managed by a 13-member an 11 member | ||||||||||||||||||||||||
9 | Board of Directors, 6 of whom
shall be insurance industry | ||||||||||||||||||||||||
10 | directors, 6 4 of whom shall be public
directors, and one of | ||||||||||||||||||||||||
11 | whom shall be an Illinois licensed
insurance producer. The | ||||||||||||||||||||||||
12 | industry
directors shall be elected annually in the manner | ||||||||||||||||||||||||
13 | provided in Articles of
Governance adopted by the Fund. The | ||||||||||||||||||||||||
14 | public directors shall be appointed by the
Director, and shall | ||||||||||||||||||||||||
15 | not be employees of or otherwise affiliated with the
insurance | ||||||||||||||||||||||||
16 | industry. The Illinois licensed insurance producer shall be
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17 | appointed by the Director.
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18 | (b) The members of the Governing Committee of the Illinois | ||||||||||||||||||||||||
19 | Mine Subsidence
Insurance Fund established by Article XXXVIII | ||||||||||||||||||||||||
20 | who are members of the Governing
Committee as of December 31, | ||||||||||||||||||||||||
21 | 1993 shall become the members of the Board of
Directors of the | ||||||||||||||||||||||||
22 | Fund established by this Article on the effective date of this
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23 | Act, and shall continue to hold office until the next annual |
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1 | meeting of the
Fund.
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2 | (c) No later than the date of the next annual meeting of | ||||||
3 | the Fund following
the effective date of this Act, the Director | ||||||
4 | shall appoint 4 public directors,
one for a one-year term, one | ||||||
5 | for a 2-year two-year term and 2 for 3-year three-year
terms.
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6 | No later than the date of the next annual meeting of the Fund | ||||||
7 | following the
effective date of this amendatory Act of 1994, | ||||||
8 | the Director shall appoint the
Illinois licensed insurance | ||||||
9 | producer for a 2-year term. Of the 2 members added by this | ||||||
10 | amendatory Act of the 98th General Assembly, one shall be | ||||||
11 | appointed for a term to expire in 2016 and one shall be | ||||||
12 | appointed for a term to expire in 2017. Thereafter, all public
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13 | directors and the licensed insurance producer shall be | ||||||
14 | appointed for 3-year 3 year terms.
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15 | (d) As soon as practical after the effective date of this | ||||||
16 | Act, the Fund
shall adopt Articles of Governance, which shall | ||||||
17 | be submitted to the Director
for his review and approval.
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18 | (Source: P.A. 88-379; 88-667, eff. 9-16-94; 89-206, eff. | ||||||
19 | 7-21-95.)
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