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*LRB09504154KBJ24192b* HB0780 95TH GENERAL ASSEMBLY State of Illinois and 2008 HB0780 Introduced 2/7/2007, by Rep.
HB0780 Engrossed LRB095 04154 KBJ 24192 b AN ACT concerning insurance.
James D.
Brosnahan SYNOPSIS AS INTRODUCED:
ILCS 5/392.2 new Amends the Illinois Insurance Code.
Provides that each power of attorney for a fidelity and surety insurer issued to an agent that authorizes the agent to execute bonds may be recorded in the circuit court clerk’s office.
Provides that the power of attorney need only be filed once while it remains in effect.
Provides that the power of attorney shall give the agent the power to bind the surety on any bond until the expiration or revocation of the power of attorney.
Provides that the requirements of the Section do not apply sureties issuing bail bonds.
Effective January 1, 2008.
LRB095 04154 KBJ 24192 b A BILL FOR HB0780 LRB095 04154 KBJ 24192 b AN ACT concerning insurance.
(c) For any power of attorney that is recorded under subsection (a) of this Section, the power of an agent to bind HB0780 - 2 - LRB095 04154 KBJ 24192 b the surety on any bond shall, unless the power of attorney is otherwise limited, continue until the expiration of the power or until the power is revoked by the surety and recorded in the county where the power of attorney is recorded.
(c) For any power of attorney that is recorded under subsection (a) of this Section, the power of an agent to bind HB0780 Engrossed - 2 - LRB095 04154 KBJ 24192 b the surety on any bond shall, unless the power of attorney is otherwise limited, continue until the expiration of the power or until the power is revoked by the surety and recorded in the county where the power of attorney is recorded.
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