HB1596 94TH GENERAL ASSEMBLY

LRB094 08299 LJB 38491 b

94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB1596

Introduced 02/16/05, by Rep. Lou Lang

SYNOPSIS AS INTRODUCED:

215 ILCS 5/397

from Ch. 73, par. 1009

Amends the Illinois Insurance Code. Excludes from uniformity requirements fire insurance policies issued to industrial insureds that exclude coverage for fire or other peril caused directly or indirectly by terrorism.

A BILL FOR

AN ACT concerning insurance.

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

Section 5. The Illinois Insurance Code is amended by changing Section 397 as follows:

(215 ILCS 5/397) (from Ch. 73, par. 1009)

Sec. 397. Standard fire policy.

(a) ) The Director of Insurance shall promulgate such rules and regulations as may be necessary to effect uniformity in all basic policies of fire and lightning insurance issued in this State, to the end that there be concurrency of contract where two or more companies insure the same risk.

(b) Commercial insurance policies issued to one or more industrial insureds, as defined in Section 121-2.08 of this Code, shall be exempt from the uniformity requirements set forth in subsection (a) insofar as the commercial insurance policies issued to industrial insureds may exclude coverage for loss by fire or other peril insured against if the fire or other peril is caused directly or indirectly by terrorism.

(Source: P.A. 80-1441.)