(625 ILCS 5/7-501)
(from Ch. 95 1/2, par. 7-501)
Assigned Risk Plans.
If, on or before January 1, 1946, every
insurance carrier authorized to write automobile bodily injury liability
insurance in this State shall not subscribe to an assigned risk plan approved
by the Director of Insurance, providing that no carrier may withdraw therefrom
after approval of the Director, the Director of Insurance shall, when he finds
that an application for bodily injury or property damage insurance by a risk,
which may become subject to this Act or is a local public entity subject to
the Local Governmental and Governmental Employees Tort Immunity Act, and
in good faith is entitled to such insurance, has been rejected by 3 insurance
carriers, designate an insurance carrier which shall be obligated to issue
forthwith its usual form of policy providing such insurance for such risk.
The Director shall make equitable distribution of such assignments among
insurance carriers proportionate, so far as practicable, by
premiums to the respective net direct automobile bodily injury premium
writings of the carriers authorized to do business in this State. The
Director of Insurance shall establish rules and regulations for the
administration of the provisions of this Section.
If any carrier refuses or neglects to comply with the provisions of
this Section or with any lawful order or ruling made by the Director of
Insurance pursuant to this Section, the Director may, after notice and
hearing, suspend the license of such carrier to transact any insurance
business in this State until such carrier shall have complied with such
order. The provisions of the Administrative Review Law, and all amendments
and modifications thereof, and the rules adopted pursuant thereto, shall apply
to and govern all proceedings for the judicial review of final administrative
decisions of the Director of Insurance hereunder.
(Source: P.A. 92-651, eff. 7-11-02.)