98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
SB2635
 
Introduced 1/21/2014, by Sen. Antonio Muņoz
 
SYNOPSIS AS INTRODUCED:
 

 



215 ILCS 5/804.1

     Amends the Mine Subsidence Insurance Article of the Illinois Insurance Code. Increases the membership of the Board of Directors of the Illinois Mine Subsidence Insurance Fund from 11 to 13, adding 2 members who be shall be public
directors. Provides that of the 2 members added by the amendatory Act, one shall be appointed for a term to expire in 2016 and one shall be appointed for a term to expire in 2017.
  


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FISCAL NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
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1    AN ACT concerning regulation.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Illinois Insurance Code is amended  by 
5changing Section 804.1 as follows:
 



6    (215 ILCS 5/804.1)



7    Sec. 804.1. Management of the Fund. 

8    (a) The Fund shall be managed by a 13-member an 11 member 
9Board of Directors, 6 of whom
shall be insurance industry 
10directors, 6 4 of whom shall be public
directors, and one of 
11whom shall be an Illinois licensed
insurance producer. The 
12industry
directors shall be elected annually in the manner 
13provided in Articles of
Governance adopted by the Fund.  The 
14public directors shall be appointed by the
Director, and shall 
15not be employees of or otherwise affiliated with the
insurance 
16industry.  The Illinois licensed insurance producer shall be

17appointed by the Director. 

18    (b) The members of the Governing Committee of the Illinois 
19Mine Subsidence
Insurance Fund established by Article XXXVIII 
20who are members of the Governing
Committee as of December 31, 
211993 shall become the members of the Board of
Directors of the 
22Fund established by this Article on the effective date of this

23Act, and shall continue to hold office until the next annual 
 
 
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1meeting of the
Fund.

2    (c) No later than the date of the next annual meeting of 
3the Fund following
the effective date of this Act, the Director 
4shall appoint 4 public directors,
one for a one-year term, one 
5for a 2-year two-year term and 2 for 3-year three-year
terms.

6No later than the date of the next annual meeting of the Fund 
7following the
effective date of this amendatory Act of 1994, 
8the Director shall appoint the
Illinois licensed insurance 
9producer for a 2-year term. Of the 2 members added by this 
10amendatory Act of the 98th General Assembly, one shall be 
11appointed for a term to expire in 2016 and one shall be 
12appointed for a term to expire in 2017. Thereafter, all public

13directors and the licensed insurance producer shall be 
14appointed for 3-year 3 year terms. 

15    (d) As soon as practical after the effective date of this 
16Act, the Fund
shall adopt Articles of Governance, which shall 
17be submitted to the Director
for his review and approval.

18(Source: P.A. 88-379; 88-667, eff. 9-16-94; 89-206, eff. 
197-21-95.)