102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
Introduced 1/29/2021, by Rep. Thaddeus Jones
SYNOPSIS AS INTRODUCED:
215 ILCS 5/531.10
from Ch. 73, par. 1065.80-10
Amends the Illinois Life and Health Insurance Guaranty Association
Law of the Illinois Insurance Code. Provides that an Association must
submit a plan of operation to the Director of Insurance within 200 days.
A BILL FOR
|HB0242||LRB102 04145 BMS 14162 b|
AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Illinois Insurance Code is amended by
changing Section 531.10 as follows:
(215 ILCS 5/531.10)
(from Ch. 73, par. 1065.80-10)
Plan of operation.
(1)(a) The Association must
submit to the Director a plan
of operation and any amendments thereto necessary
the fair, reasonable, and equitable
administration of the
within 200 days
. The plan of
operation and any amendments thereto become effective
approval in writing by the Director.
(b) If the Association fails to submit a suitable plan of
following the effective date of
or if at any time
thereafter the Association
fails to submit suitable amendments to the plan, the
may, after notice and hearing, adopt and promulgate such
rules as are necessary or advisable to effectuate
the provisions of this Article.
Such rules are in force until
modified by the Director or superseded by a plan
the Association and approved by the Director.
(2) All member insurers must comply with the plan of