98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB0981

 

Introduced 1/29/2013, by Rep. Monique D. Davis

 

SYNOPSIS AS INTRODUCED:
 
215 ILCS 5/536  from Ch. 73, par. 1065.86

    Amends the Illinois Insurance Code. Provides that the board of directors of the Illinois Insurance Guaranty Fund shall consist of not less than 5 nor more than 11 persons, with 2 public members appointed by the Director of Insurance (instead of not less than 5 nor more than 9 persons).


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A BILL FOR

 

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1    AN ACT concerning insurance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Insurance Code is amended by
5changing Section 536 as follows:
 
6    (215 ILCS 5/536)  (from Ch. 73, par. 1065.86)
7    Sec. 536. Board of Directors.
8    (a) The board of directors of the Fund shall consist of not
9less than 5 nor more than 11 9 persons, with 2 public members
10appointed by the Director, serving terms as established in the
11plan of operation. The plan of operation shall provide that the
12board of directors be elected on the basis of one vote for each
13member company of the Fund. If more than one company of a group
14of wholly owned or controlled companies is a member company of
15the Fund only one vote will be allowed for the entire group.
16The members of the board of directors shall be elected by
17member companies subject to the approval of the Director.
18Vacancies on the board of directors shall be filled for the
19remaining period of the term by the board of directors, subject
20to the approval of the Director.
21    (b) In approving elections to the board of directors, the
22Director shall consider among other things whether all member
23companies are fairly represented.

 

 

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1    (c) Members of the board of directors shall receive no
2compensation, but may be reimbursed from the assets of the Fund
3for expenses incurred by them as members of the board of
4directors.
5(Source: P.A. 85-576.)