SB2635 98TH GENERAL ASSEMBLY

LRB098 15273 RPM 50293 b

98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
SB2635

Introduced 1/21/2014, by Sen. Antonio Muñoz

SYNOPSIS AS INTRODUCED:

215 ILCS 5/804.1

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 be 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.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning regulation.

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 804.1 as follows:

(215 ILCS 5/804.1)

Sec. 804.1. Management of the Fund.

(a) The Fund shall be managed by a 13-member an 11 member Board of Directors, 6 of whom shall be insurance industry directors, 6 4 of whom shall be public directors, and one of whom shall be an Illinois licensed insurance producer. The industry directors shall be elected annually in the manner provided in Articles of Governance adopted by the Fund. The public directors shall be appointed by the Director, and shall not be employees of or otherwise affiliated with the insurance industry. The Illinois licensed insurance producer shall be appointed by the Director.

(b) The members of the Governing Committee of the Illinois Mine Subsidence Insurance Fund established by Article XXXVIII who are members of the Governing Committee as of December 31, 1993 shall become the members of the Board of Directors of the Fund established by this Article on the effective date of this Act, and shall continue to hold office until the next annual meeting of the Fund.

(c) No later than the date of the next annual meeting of the Fund following the effective date of this Act, the Director shall appoint 4 public directors, one for a one-year term, one for a 2-year two-year term and 2 for 3-year three-year terms. No later than the date of the next annual meeting of the Fund following the effective date of this amendatory Act of 1994, the Director shall appoint the Illinois licensed insurance producer for a 2-year term. Of the 2 members added by this amendatory Act of the 98th General Assembly, one shall be appointed for a term to expire in 2016 and one shall be appointed for a term to expire in 2017. Thereafter, all public directors and the licensed insurance producer shall be appointed for 3-year 3 year terms.

(d) As soon as practical after the effective date of this Act, the Fund shall adopt Articles of Governance, which shall be submitted to the Director for his review and approval.

(Source: P.A. 88-379; 88-667, eff. 9-16-94; 89-206, eff. 7-21-95.)