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Public Act 91-0800
HB0589 Enrolled LRB9101521JScs
AN ACT to amend the Illinois Insurance Code by adding
Section 143.11b.
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
adding Section 143.11b as follows:
(215 ILCS 5/143.11b new)
Sec. 143.11b. Assignment or transfer of property and
casualty policies. An assignment or transfer of a policy of
insurance to which Section 143.11 applies among or between
insurers within an insurance holding company system or
insurers under common management or control, or as a result
of a merger, acquisition, or restructuring of an insurance
company, is not a nonrenewal for purposes of the notification
requirements under Sections 143.12 through 143.24. However,
in the event of an increase in the renewal premium of 30% or
more, change in deductibles or change in coverage that
materially alters any policy to which subsection b of Section
143.17a applies, the company shall adhere to the provisions
set forth in subsection b of Section 143.17a. A company
making an assignment or transfer of a policy among or between
insurers within an insurance holding company system or
insurers under common management or control, or as a result
of a merger, acquisition, or restructuring of an insurance
company, shall have delivered to the named insured notice of
such assignment or transfer at least 60 days prior to the
renewal date. An exact and unaltered copy of the notice
shall also be sent to the insured's producer, if known, and
agent of record. The assignment or transfer of a policy or
policies of insurance among or between insurers shall not
occur without the producer or agent of record, or both,
having a signed agency contract with the entity to which the
policy or policies are to be assigned or transferred. If
there is not a signed agency contract, all of the notice
requirements of Sections 143.17 and 143.17a shall apply.
Nothing in this Section shall contravene any existing
producer and company contract rights.
Section 99. Effective date. This Act takes effect upon
becoming law.
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