(215 ILCS 5/804.1)
Management of the Fund.
(a) The Fund shall be managed by an 11 member Board of Directors, 6 of whom
shall be insurance industry directors, 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
(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 two-year term and 2 for three-year
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. Thereafter, all public
directors and the licensed insurance producer shall be appointed for 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.)