State of Illinois
92nd General Assembly
Legislation

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92_SB0489

 
                                               LRB9207977JSpc

 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 155.37 as follows:

 6        (215 ILCS 5/155.37 new)
 7        Sec. 155.37.  Homeowner's insurance; disclosure.
 8        (a)  A  company  that  sells  homeowner's  insurance,  as
 9    defined  in  Section  523,  or  fire  and  extended  coverage
10    insurance, as defined in subsection (b)  of  Section  143.13,
11    must  include in 16-point bold-face type on the cover of each
12    policy the following:
13             (1)  the definition of the term "replacement policy"
14        as used in the policy;
15             (2)  the  definition  of   the   term    "guaranteed
16        replacement policy" as used in the policy;
17             (3)  a  statement  explaining  the  term  "limit  of
18        liability"   as  that  term  relates  to  replacement  or
19        guaranteed replacement in the event  of  a  loss  by  the
20        insured; and
21             (4)  the  page and section number of the policy that
22        contains the explanation of the effect of the  limits  of
23        liability under the policy on the coverage provided under
24        a replacement policy.
25        (b)  This Section applies to policies amended, delivered,
26    issued,  or  renewed  on and after the effective date of this
27    amendatory Act of the 92nd General Assembly.

28        Section 99.  Effective date. This Act takes  effect  upon
29    becoming law.

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