93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB4707


 
Introduced 02/04/04, by William Davis
 
SYNOPSIS AS INTRODUCED:
 		













215 ILCS 5/143.10d new










    Amends the Illinois Insurance Code. Requires insurance companies  providing personal multiperil property coverage, commonly known as homeowners insurance, to issue an annual  notice to each insured  that  the value of the insured's property may have increased and the insurance company recommends that the insured consider having the property re-appraised so that coverage may be increased where appropriate. Effective January 1, 2005.



















LRB093 18992 SAS 44727 b




















 


 


A BILL FOR









 














HB4707

LRB093 18992 SAS 44727 b









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    AN ACT concerning insurance.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Illinois Insurance Code is amended  by adding 
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Section 143.10d as follows:
 
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    (215 ILCS 5/143.10d  new)
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    Sec. 143.10d. Notice to homeowners.  Insurance companies  
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providing personal multiperil property coverage, commonly 
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known as homeowners insurance, must issue an annual  notice to 
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each insured  that (i) the value of the insured's property may 
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have increased and (ii) the insurance company recommends that 
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the insured consider having the property re-appraised so that 
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coverage may be increased where appropriate.
 

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    Section 99. Effective date. This Act takes effect January 
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1, 2005.