SB 2910 — INS-FAIR PLAN ASSOCIATION

SB2910 EngrossedEnrolled LRB104 17746 BAB 31177 b AN ACT concerning regulation.

Such notice shall include the FAIR Plan's mailing address, website address, and telephone number, as provided on SB2910 EngrossedEnrolled - 2 - LRB104 17746 BAB 31177 b the FAIR Plan's website, and shall accompany or be included in the notice of cancellation or the notice of intent not to renew.

and, to authorize and administer a mechanism establish a central operation facility for the equitable distribution of surpluses, losses, and expenses of the Association in the SB2910 EngrossedEnrolled - 3 - LRB104 17746 BAB 31177 b writing of the basic property insurance and homeowners insurance in this State.

SB2910 EngrossedEnrolled - 4 - LRB104 17746 BAB 31177 b "Inspector" (3) "Inspection Bureau(s)" means the division or department of the Association responsible for, or an the organization or organizations designated by the Association Industry Placement Facility with the approval of the Director to make on the Association's behalf, inspections to determine the condition of the properties for which basic property insurance basic property insurance is sought and to perform such other duties as may be authorized by the Association.

(6) "Premiums written Written" means the gross direct SB2910 EngrossedEnrolled - 5 - LRB104 17746 BAB 31177 b premiums charged with respect to property in this State on all policies of basic property insurance and the basic property insurance premium components of all multi-peril policies less return premiums, dividends paid or credited to policyholders, or the unused or unabsorbed portions of premium deposits.

(2) Any person who is an owner-resident of a one-family to 4-family residential real property one to four family dwelling unit at a fixed location in this State an urban area and whose basic property insurance residential real property insurance SB2910 EngrossedEnrolled - 6 - LRB104 17746 BAB 31177 b coverage has been nonrenewed through the standard voluntary insurance market shall be entitled, upon to submit a binding application to the Association, to an evaluation of the property by representatives of the Inspector of coverage to the Facility for such period of time as is required by the Facility to conduct a reasonable inspection of the residential real property.

The inspection must include, but need not be limited to, pertinent structural and occupancy features as well as the general condition of the SB2910 EngrossedEnrolled - 7 - LRB104 17746 BAB 31177 b building and surrounding structures.

In any case, the applicant for residential property insurance shall be eligible for one SB2910 EngrossedEnrolled - 8 - LRB104 17746 BAB 31177 b reevaluation reinspection any time beginning 60 days after the his or her initial evaluation Fair plan inspection.

One governing committee SB2910 EngrossedEnrolled - 9 - LRB104 17746 BAB 31177 b member shall be an Illinois-licensed insurance producer appointed by the Director.

Association operations authorized Centralized Operations Authorized.) (1) The Association Industry Placement Facility is authorized, for FAIR Plan purposes only, to issue policies of basic property insurance on real and tangible property within this State insurance and endorsements thereto in its own name or a trade name duly adopted for that purpose, and to take other actions act on behalf of all participating insurers in connection with said policies and otherwise in any manner necessary to accomplish the purposes of this Article, including, but not limited to, establishing rules and SB2910 EngrossedEnrolled - 10 - LRB104 17746 BAB 31177 b procedures for insurance applications;

The foregoing requirements shall be set forth in any policy issued by the Association Facility and the form and content of any such policy shall be SB2910 EngrossedEnrolled - 11 - LRB104 17746 BAB 31177 b subject to the approval of the Director of Insurance.

(ii) The minimum level of participation required of all insurers regardless of the amount of credit allowed but which SB2910 EngrossedEnrolled - 12 - LRB104 17746 BAB 31177 b in no case shall be less than 50% of that level of participation that would be required as defined in paragraph (a) above;

81-1426.) SB2910 EngrossedEnrolled - 13 - LRB104 17746 BAB 31177 b (215 ILCS 5/525.3) (from Ch.

(1) Any applicant whose application is rejected, any policyholder whose policy is canceled or nonrenewed by the Association, and any insurer affected by an action of the SB2910 EngrossedEnrolled - 14 - LRB104 17746 BAB 31177 b Association or affected insurer has the right of appeal to the governing committee within 30 days after notice of the action by the Association Governing Committee.

The reports, records, and communications of the Inspector Inspection Bureau, the Facility, the Association, and the records of the SB2910 EngrossedEnrolled - 15 - LRB104 17746 BAB 31177 b Association's governing committee Governing Committee are not considered public documents.

(b) If there is an assessment or refund, the amount of each member's assessment or refund shall be calculated by multiplying the amount of the assessment or refund by a fraction, the numerator of which is the member's direct property insurance premiums earned in this State and the denominator of which is the aggregate of such premiums for all Association members for that year, and then adjusting the assessment or refund pursuant to the then-existing Credit SB2910 EngrossedEnrolled - 16 - LRB104 17746 BAB 31177 b Depopulation Program.

The Association Industry Placement Facility shall compile an annual operating report, and publish such report on its website, or by other means approved by the Director in at least 2 newspapers having SB2910 EngrossedEnrolled - 17 - LRB104 17746 BAB 31177 b widespread circulation in the State, which report shall include:

SB2910 EngrossedEnrolled - 18 - LRB104 17746 BAB 31177 b (1) to examine the operation of the Facility and Association through free access to all the books, records, files, papers, and documents relating to the Association's their operation and may summon, qualify, and examine as witnesses all persons having knowledge of such operations including officers, agents, or employees thereof;

(6) to permit modification of the Standard Fire Policy issued by the Association facility for non-owner occupied non owner-occupied residences exceeding 4 four units, as long as after the director has conducted a public hearing which SB2910 EngrossedEnrolled - 19 - LRB104 17746 BAB 31177 b establishes that such modifications:

82-499.) (215 ILCS 5/525 rep.) (215 ILCS 5/525.2 rep.) (215 ILCS 5/525.4 rep.) (215 ILCS 5/529 rep.) (215 ILCS 5/529.1 rep.) (215 ILCS 5/529.3 rep.) (215 ILCS 5/530a rep.) SB2910 EngrossedEnrolled - 20 - LRB104 17746 BAB 31177 b Section 10.

SB2910 EngrossedEnrolled - 21 - LRB104 17746 BAB 31177 b INDEX Statutes amended in order of appearance 215 ILCS 5/Art.