HB0780eng 95TH GENERAL ASSEMBLY

HB0780 Engrossed LRB095 04154 KBJ 24192 b

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 adding Section 392.2 as follows:

(215 ILCS 5/392.2 new)

Sec. 392.2. Powers of attorney.

(a) Each power of attorney for a fidelity and surety insurer issued to an agent that authorizes the agent to execute any bond, as defined in paragraph (g) of Class 2 of Section 4 of this Code, in the name and on behalf of the insurer as surety may be recorded in the clerk's office of each circuit court where the powers delegated by it are to be exercised. No recording is required in any court in this State if the power of attorney or a copy or a facsimile thereof, which may include a printed or facsimile signature or corporate seal, in the name and on behalf of the insurer as surety, is duly attached to or made part of the bond or other obligation.

(b) Any power of attorney recorded under subsection (a) of this Section shall require no additional filings as long as the power of attorney remains in effect.

(c) For any power of attorney that is recorded under subsection (a) of this Section, the power of an agent to bind the surety on any bond shall, unless the power of attorney is otherwise limited, continue until the expiration of the power or until the power is revoked by the surety and recorded in the county where the power of attorney is recorded.

(d) The provisions of subsection (a) of this Section shall not be applicable to sureties issuing bail bonds as defined in subsection (b) of Section 110-1 of the Criminal Code of 1963.

Section 99. Effective date. This Act takes effect January 1, 2008.