(215 ILCS 5/530a)
(from Ch. 73, par. 1065.77a)
The Director of Insurance shall form a task force to review
the policy forms and endorsements issued by the Industry Placement Facility
on residential property of 5 or more dwelling units. The task force shall
consider the coverage, perils and settlement provisions and make their recommendations
to the Director by January 15, 1981, on proposed policy forms and endorsements
which will provide for equitable settlement of loss, discourage arson for
profit and encourage neighborhood revitalization. Any recommendation of
the task force shall consider the impact on the continuous goal of depopulation
of the Facility.
The Task force shall be comprised of members of the insurance industry,
general public and 4 members of the General Assembly, 2 to be appointed
by the President of the Senate and 2 by the Speaker of the House with equal
representation from the majority and minority parties.
The Director shall hold public hearings on the task force recommendations
and promulgate a rule to adopt such policy forms and endorsements as minimum
standards for the Industry Placement Facility.
(Source: P.A. 81-1432.)