HB2286 95TH GENERAL ASSEMBLY

LRB095 01343 KBJ 21345 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB2286

Introduced 2/26/2007, by Rep. Michael J. Madigan - Barbara Flynn Currie - Frank J. Mautino

SYNOPSIS AS INTRODUCED:

215 ILCS 5/143.15

from Ch. 73, par. 755.15

Amends the Illinois Insurance Code. Makes a technical change in a Section concerning notices of cancellation.

A BILL FOR

AN ACT concerning regulation.

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 143.15 as follows:

(215 ILCS 5/143.15) (from Ch. 73, par. 755.15)

Sec. 143.15. Mailing of cancellation notice. All notices of cancellation of insurance as defined in subsections (a), (b) and and (c) of Section 143.13 must be mailed at least 30 days prior to the effective date of cancellation to the named insured and mortgagee or lien holder, if known, at the last mailing address known to the company. All notices of cancellation shall include a specific explanation of the reason or reasons for cancellation. However, where cancellation is for nonpayment of premium, the notice of cancellation must be mailed at least 10 days before the effective date of the cancellation. For purposes of this Section, the mortgagee or lien holder, if known, may opt to accept notification electronically.

(Source: P.A. 93-713, eff. 1-1-05.)