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| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014 HB2618 Introduced 2/21/2013, by Rep. Dan Brady SYNOPSIS AS INTRODUCED: |
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Amends the Illinois Insurance Code in the provision concerning mine subsidence coverage. Provides that as set forth in the provisions concerning (1) the inclusion of certain coverage at separately stated premiums and (2) premium levels, losses, and reinsurance, a policy issued or renewed must provide coverage, unless waived in writing by the insured, and must continue to charge the premium level set for that coverage by the Mine Subsidence Insurance Fund. Provides that a mine subsidence event or events create no additional duty for the insurer in relation to the issuance or renewal of coverage, including, without limitation, any duty to advise the insured as to whether to continue that coverage.
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| | A BILL FOR |
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| | HB2618 | | LRB098 09390 RPM 39531 b |
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1 | | AN ACT concerning regulation.
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2 | | Be it enacted by the People of the State of Illinois,
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3 | | represented in the General Assembly:
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4 | | Section 5. The Illinois Insurance Code is amended by |
5 | | changing Section 805.1 as follows:
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6 | | (215 ILCS 5/805.1)
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7 | | Sec. 805.1. Mine Subsidence Coverage.
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8 | | (a) Beginning January 1, 1994, every policy issued or |
9 | | renewed insuring a
residence on a direct basis shall include, |
10 | | at a separately stated premium,
residential coverage unless |
11 | | waived in writing by the insured. Beginning
January 1, 1994, |
12 | | every policy issued or renewed insuring a commercial building
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13 | | on a direct basis shall include at a separately stated premium, |
14 | | commercial
coverage unless waived in writing by the insured. |
15 | | Beginning January 1, 1994,
every policy issued or renewed |
16 | | insuring a living unit on a direct basis shall
include, at a |
17 | | separately stated premium, living unit coverage unless waived |
18 | | in
writing by the insured.
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19 | | (b) If the insured has previously waived mine subsidence |
20 | | coverage in
writing,
the insurer or agent need not offer mine |
21 | | subsidence coverage in any renewal or
supplementary policy in |
22 | | connection with a policy previously issued to such
insured by |
23 | | the same insurer, unless the insured subsequently makes a |