Rep. Monique D. Davis

Filed: 3/15/2013

 

 


 

 


 
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1
AMENDMENT TO HOUSE BILL 981

2    AMENDMENT NO. ______. Amend House Bill 981 by replacing
3everything after the enacting clause with the following:
 
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

 

 

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1Underwriters. The plan of operation shall provide that the
2board of directors be elected on the basis of one vote for each
3member company of the Fund. If more than one company of a group
4of wholly owned or controlled companies is a member company of
5the Fund only one vote will be allowed for the entire group.
6The members of the board of directors shall be elected by
7member companies subject to the approval of the Director.
8Vacancies on the board of directors shall be filled for the
9remaining period of the term by the board of directors, subject
10to the approval of the Director.
11    (b) In approving elections to the board of directors, the
12Director shall consider among other things whether all member
13companies are fairly represented.
14    (c) Members of the board of directors shall receive no
15compensation, but may be reimbursed from the assets of the Fund
16for expenses incurred by them as members of the board of
17directors.
18(Source: P.A. 85-576.)".