(215 ILCS 5/143.16b)
(from Ch. 73, par. 755.16b)
Premium Refunds for Drought Insurance.
Whenever a person
has submitted payment of premium for the purchase of drought insurance
described in clause (b) of Class 3 of Section 4 of this Code to an insurer
or one of its subsidiaries, employees, agents, or producers, the insurer
shall have a duty, within 10 business days of receipt of such premium
payment, to either:
(a) refund the premium payment in full; or
(b) accept the premium payment, and provide to the person who has offered
such payment policy coverage in full conformity with representations of any
application, declaration, binder, or contract of policy coverage issued by
the insurer or one of its subsidiaries, employees, agents or producers.
This Section shall not apply to insurance provided, guaranteed or
reinsured pursuant to the Federal Crop Insurance Program.
(Source: P.A. 86-285.)