093_SB0049

 
                                     LRB093 02062 JLS 02065 b

 1        AN ACT concerning insurance.

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

 4        Section  5.  The  Illinois  Insurance  Code is amended by
 5    adding Section 155.39 as follows:

 6        (215 ILCS 5/155.39 new)
 7        Sec. 155.39.  Electronic payment of premium.
 8        (a)  At  the  election  of  the   insured,   an   insurer
 9    transacting  business  in this State must accept payment from
10    the  insured  by  electronic  transfer  from  the   insured's
11    account.
12        (b)  The  Department  shall  issue  rules prescribing the
13    forms, records, and methods to be used in making payments  by
14    electronic transfer.