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- (735 ILCS 5/) Code of Civil Procedure.
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(735 ILCS 5/Art. II Pt. 22 heading) Part 22.
Insurance Placement Liability
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(735 ILCS 5/2-2201)
Sec. 2-2201.
Ordinary care; civil liability.
(a) An insurance producer, registered firm, and limited insurance
representative shall exercise ordinary care and skill in
renewing, procuring, binding, or placing the coverage requested by the insured
or proposed insured.
(b) No cause of action brought by any person or entity against any insurance
producer, registered firm, or limited insurance representative concerning the
sale, placement, procurement, renewal, binding, cancellation of, or failure to
procure any policy of insurance shall subject the insurance producer,
registered firm, or limited insurance representative to civil liability under
standards governing the conduct of a fiduciary or a fiduciary relationship
except when the conduct upon which the cause of action is based involves the
wrongful retention or misappropriation by the insurance producer, registered
firm, or limited insurance representative of any money that was received as
premiums, as a premium deposit, or as payment of a claim.
(c) The provisions of this Section are not meant to impair or invalidate
any of the terms or conditions of a contractual agreement between an insurance
producer, registered firm, or limited insurance representative and a company
that has authority to transact the kinds of insurance
defined in Class 1 or clause (a), (b), (c), (d), (e), (f), (h), (i), or (k) of
Class 2 of
Section 4 of
the Illinois Insurance Code.
(d) While limiting the scope of liability of an insurance producer,
registered firm, or limited insurance representative under standards governing
the conduct of a fiduciary or a fiduciary relationship, the provisions of this
Section do not limit or release an insurance producer, registered firm, or
limited insurance representative from liability for negligence concerning the
sale, placement, procurement, renewal, binding, cancellation of, or failure to
procure any policy of insurance.
(Source: P.A. 89-638, eff. 1-1-97.)
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