SB2301 93RD GENERAL ASSEMBLY

LRB093 19642 SAS 45383 b

93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
SB2301

Introduced 1/28/2004, by Bill Brady

SYNOPSIS AS INTRODUCED:

215 ILCS 5/143.27

from Ch. 73, par. 755.27

Amends the Illinois Insurance Code. Adds a caption to a Section concerning the time within which to make repairs to damaged property.

A BILL FOR

AN ACT concerning insurance.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Insurance Code is amended by changing Section 143.27 as follows:

(215 ILCS 5/143.27) (from Ch. 73, par. 755.27)

Sec. 143.27. Time for repairs; cancellation; nonrenewal. No insurance company may give to any named insured any notice of cancellation or nonrenewal of a policy of fire and extended coverage insurance, as defined in subsection (b) of Section 143.13, covering property which is capable of being rehabilitated, without allowing the named insured a reasonable period of time in which to repair defects in the insured property or relevant portion thereof, to an extent reasonably sufficient to facilitate continued coverage thereon. The time reasonably allowable therefor (which in no event shall exceed ninety days) and the degree of sufficiency of such rehabilitative efforts which insurance companies shall accept, may be determined by a certificate from a licensed contractor or architect and such rehabilitative efforts shall be in compliance with local municipal building codes. The notice of need for repair shall be from the insurance company, which may be sent to the insured at any time during the policy term, and which notice shall commence the time period established under this Section.

(Source: P.A. 81-857.)