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HB0780 Engrossed |
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LRB095 04154 KBJ 24192 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 392.2 as follows: |
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| (215 ILCS 5/392.2 new) |
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| Sec. 392.2. Powers of attorney. |
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| (a) Each power of attorney for a fidelity and surety |
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| insurer issued to an agent that authorizes the agent to execute |
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| any bond, as defined in paragraph (g) of Class 2 of Section 4 |
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| of this Code, in the name and on behalf of the insurer as |
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| surety may be recorded in the clerk's office of each circuit |
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| court where the powers delegated by it are to be exercised. No |
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| recording is required in any court in this State if the power |
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| of attorney or a copy or a facsimile thereof, which may include |
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| a printed or facsimile signature or corporate seal, in the name |
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| and on behalf of the insurer as surety, is duly attached to or |
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| made part of the bond or other obligation. |
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| (b) Any power of attorney recorded under subsection (a) of |
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| this Section shall require no additional filings as long as the |
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| power of attorney remains in effect. |
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| (c) For any power of attorney that is recorded under |
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| subsection (a) of this Section, the power of an agent to bind |