HB1724 96TH GENERAL ASSEMBLY

LRB096 05358 RPM 15424 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB1724

Introduced 2/18/2009, by Rep. Michael J. Madigan - Barbara Flynn Currie - Monique D. Davis

SYNOPSIS AS INTRODUCED:

215 ILCS 5/41

from Ch. 73, par. 653

Amends the Illinois Insurance Code. Makes a technical change in a Section concerning the executive committee of domestic mutual companies.

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 41 as follows:

(215 ILCS 5/41) (from Ch. 73, par. 653)

(Section scheduled to be repealed on January 1, 2017)

Sec. 41. Executive committee. If the the by-laws so provide, the board of directors or trustees, by a resolution adopted by a majority of the whole board, may designate three or more of their number to constitute an executive committee, which committee shall, to the extent provided in the resolution or in the by-laws, have and exercise, during the interim between the meetings of the board, all of the authority of the board in the management of the company, but the designation of such committee shall not relieve the board or any member thereof of any responsibility imposed by law.

(Source: Laws 1937, p. 696.)