91st General Assembly
Summary of SB1024
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House Sponsors:

Short description: 
INSURANCE NONRENEWAL NOTICE                                                

Synopsis of Bill as introduced:
        Amends the Illinois Insurance Code.  Makes a technical change  in      
   a Section concerning notice of intention not to renew.                      
        SENATE AMENDMENT NO. 1.                                                
          Adds reference to:                                                   
          215 ILCS 5/143.11b new                                               
          215 ILCS 5/143.13               from Ch. 73, par. 755.13             
        Replaces the title and  everything  after  the  enacting  clause.      
   Amends  the  Illinois Insurance Code to provide that the assignment or      
   transfer of a policy of insurance  among  insurers  within  a  holding      
   company  or  as  the  result  of  a  merger,  acquisition,  or company      
   restructuring is not a cancellation or nonrenewal and does not require      
   notice to the insured unless the premium is increased by at least  30%      
   or the coverage and deductibles are materially altered.  Provides that      
   an insurance company does not have to comply with certain requirements      
   for  notices  of  intention not to renew if the company has manifested      
   its willingness to renew directly to the named insured;  however,  the      
   company  may  not impose changes in deductibles or coverage for policy      
   forms applicable to entire lines of certain businesses without notice.      
        HOUSE AMENDMENT NO. 2.                                                 
          Deletes reference to:                                                
          215 ILCS 5/143.11b new                                               
        Deletes  provisions  specifying   that   certain   transfers   or      
   assignments of policies do not constitute a cancellation or nonrenewal      
   of the policies.                                                            
Last action on Bill: PUBLIC ACT.............................. 91-0597

   Last action date: 99-08-14

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   1


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