|
| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB2423 Introduced 1/15/2020___________, by SYNOPSIS AS INTRODUCED:
| | 215 ILCS 5/143.15 | from Ch. 73, par. 755.15 |
|
Amends the Illinois Insurance Code. Makes a technical change in a Section
concerning notices of cancellation.
|
| |
| | A BILL FOR |
|
|
| | SB2423 | | LRB101 15782 BMS 65137 b |
|
|
| 1 | | AN ACT concerning regulation.
|
| 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 | | changing Section 143.15 as follows:
|
| 6 | | (215 ILCS 5/143.15) (from Ch. 73, par. 755.15)
|
| 7 | | Sec. 143.15. Mailing of cancellation notice. All notices of
|
| 8 | | cancellation of insurance as
defined in subsections (a), (b) |
| 9 | | and
and (c) of Section 143.13 must
be mailed at least 30 days |
| 10 | | prior to the effective date of
cancellation to the named |
| 11 | | insured; however, if cancellation is for nonpayment of premium, |
| 12 | | the notice of cancellation must be mailed at least 10 days |
| 13 | | before the effective date of the cancellation to the last |
| 14 | | mailing address known to the company. All
notices of |
| 15 | | cancellation to the named insured shall include a specific |
| 16 | | explanation of
the reason or reasons for cancellation. For |
| 17 | | purposes of this Section, the mortgagee or lien holder, if |
| 18 | | known, may opt to accept notification electronically.
|
| 19 | | (Source: P.A. 100-475, eff. 1-1-18.)
|