[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
91_HB1349
LRB9102807JSpc
1 AN ACT to amend the Illinois Insurance Code by changing
2 Section 357.31.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Insurance Code is amended by
6 changing Section 357.31 as follows:
7 (215 ILCS 5/357.31) (from Ch. 73, par. 969.31)
8 Sec. 357.31. Refund of unearned premium. In the event
9 of the death of a policyholder of an individual accident and
10 health insurance policy, the insurance company, upon receipt
11 of notice of the policyholder's death and a request for a
12 pro-rata refund, supported by a valid death certificate
13 supplied by a party entitled to claim such refund, shall
14 refund the unearned premium pro-rated to the month of the
15 policyholder's death. In no event shall such refund of
16 premium be computed by the use of a short-rate table. Refund
17 of the premium and termination of the coverage shall be
18 without prejudice to any claim originating prior to the date
19 of the policyholder's death. Coverage of persons insured
20 under the same policy other than the policyholder shall not
21 be affected by the premium refund provided for in this
22 Section nor shall the obligation of such other insureds to
23 pay required premiums be diminished pursuant to this Section.
24 (Source: P.A. 86-665.)