Illinois Compiled Statutes
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625 ILCS 5/Ch. 7 Art. V
(625 ILCS 5/Ch. 7 Art. V heading)
RELATING TO FINANCIAL RESPONSIBILITY
625 ILCS 5/7-501
(625 ILCS 5/7-501)
(from Ch. 95 1/2, par. 7-501)
Assigned Risk Plans.
If, on or before January 1, 1946, every
insurance carrier authorized to write automobile bodily injury liability
insurance in this State shall not subscribe to an assigned risk plan approved
by the Director of Insurance, providing that no carrier may withdraw therefrom
after approval of the Director, the Director of Insurance shall, when he finds
that an application for bodily injury or property damage insurance by a risk,
which may become subject to this Act or is a local public entity subject to
the Local Governmental and Governmental Employees Tort Immunity Act, and
in good faith is entitled to such insurance, has been rejected by 3 insurance
carriers, designate an insurance carrier which shall be obligated to issue
forthwith its usual form of policy providing such insurance for such risk.
The Director shall make equitable distribution of such assignments among
insurance carriers proportionate, so far as practicable, by
premiums to the respective net direct automobile bodily injury premium
writings of the carriers authorized to do business in this State. The
Director of Insurance shall establish rules and regulations for the
administration of the provisions of this Section.
If any carrier refuses or neglects to comply with the provisions of
this Section or with any lawful order or ruling made by the Director of
Insurance pursuant to this Section, the Director may, after notice and
hearing, suspend the license of such carrier to transact any insurance
business in this State until such carrier shall have complied with such
order. The provisions of the Administrative Review Law, and all amendments
and modifications thereof, and the rules adopted pursuant thereto, shall apply
to and govern all proceedings for the judicial review of final administrative
decisions of the Director of Insurance hereunder.
(Source: P.A. 92-651, eff. 7-11-02.)
625 ILCS 5/7-502
(625 ILCS 5/7-502)
(from Ch. 95 1/2, par. 7-502)
Any person in whose name more than 25 motor vehicles are registered may
qualify as a self-insurer by obtaining a certificate of self-insurance
issued by the Director of the Department of Insurance as provided in this Section.
The Director may, in his discretion, upon the application of
such a person, issue a certificate of self-insurance when he is satisfied
that such person is possessed and will continue to be possessed of ability
to pay judgment obtained against such person.
Upon not less than 5 days' notice, and a hearing pursuant to such
notice, the Director may upon reasonable grounds cancel a
certificate of self-insurance. Failure to pay any judgment against any
person covered by such certificate of self-insurance and arising out of any
accident in which a motor vehicle covered by such certificate of
self-insurance has been involved within 30 days after such judgment shall
have become final shall constitute a reasonable ground for the cancellation
of a certificate of self-insurance.
(Source: P.A. 82-138.)
625 ILCS 5/7-503
(625 ILCS 5/7-503)
(from Ch. 95 1/2, par. 7-503)
Unclaimed Security Deposits.
During July, annually, the Secretary shall compile a list of all
securities on deposit, pursuant to this Article, for more than 3 years and
concerning which he has received no notice as to the pendency of any
judicial proceeding that could affect the disposition thereof. Thereupon,
he shall promptly send a notice to the last known address
of each depositor advising him that his deposit will be subject to escheat
to the State of Illinois if not claimed within 30 days after the mailing
date of such notice. At the expiration of such time, the Secretary of State
shall file with the State Treasurer an order directing the transfer of such
deposit to the general revenue fund in the State Treasury. Upon receipt of
such order, the State Treasurer shall make such transfer, after converting
to cash any other type of security. Thereafter any person having a legal
claim against such deposit may enforce it by appropriate proceedings in the
Court of Claims subject to the limitations prescribed for such Court. At
the expiration of such limitation period such deposit shall escheat to the
State of Illinois.
(Source: P.A. 94-239, eff. 1-1-06.)
625 ILCS 5/7-504
(625 ILCS 5/7-504)
Emergency telephone system outages; reimbursement.
who negligently causes a motor vehicle accident that causes an emergency
telephone system outage must reimburse the public safety agency that provides
personnel to answer calls or to maintain or operate an emergency telephone
system during the outage for the agency's costs associated with answering calls
or maintaining or operating the system during the outage. For the purposes of
this Section, "public safety agency" means the same as in Section 2.02 of the
Emergency Telephone System Act.
(Source: P.A. 92-149, eff. 1-1-02.)