State of Illinois
92^nd General Assembly
Legislation

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92_SB0489eng

 
SB489 Engrossed                                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-faced 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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