HB0981 EnrolledLRB098 02749 RPM 32757 b

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 10 9 persons, with one public member
10appointed by the Director, serving terms as established in the
11plan of operation. The public member shall be a resident of
12this State, and he or she shall either (1) be a licensed and
13certified public accountant under the laws of this State or (2)
14have earned, and maintain in good standing, the Chartered
15Property and Casualty Underwriter (CPCU) designation from the
16American Institute for Chartered Property Casualty
17Underwriters. The plan of operation shall provide that the
18board of directors be elected on the basis of one vote for each
19member company of the Fund. If more than one company of a group
20of wholly owned or controlled companies is a member company of
21the Fund only one vote will be allowed for the entire group.
22The members of the board of directors shall be elected by
23member companies subject to the approval of the Director.

 

 

HB0981 Enrolled- 2 -LRB098 02749 RPM 32757 b

1Vacancies on the board of directors shall be filled for the
2remaining period of the term by the board of directors, subject
3to the approval of the Director.
4    (b) In approving elections to the board of directors, the
5Director shall consider among other things whether all member
6companies are fairly represented.
7    (c) Members of the board of directors shall receive no
8compensation, but may be reimbursed from the assets of the Fund
9for expenses incurred by them as members of the board of
10directors.
11(Source: P.A. 85-576.)