Illinois General Assembly - Illinois Compiled Statutes

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215 ILCS 157/25

(215 ILCS 157/25)

Sec. 25.

Dispute resolution and error correction.

If it is determined
through the
dispute resolution process set forth in the federal Fair Credit Reporting Act,
15 U.S.C.
1681i(a)(5), that the credit information of a current insured was incorrect or
incomplete
and if the insurer receives notice of that determination from either the
consumer reporting
agency or from the insured, the insurer shall re-underwrite and re-rate the
consumer
within 30 days after receiving the notice. After re-underwriting or re-rating
the
insured, the
insurer shall make any adjustments necessary, consistent with its underwriting
and rating
guidelines. If an insurer determines that the insured has overpaid premium, the
insurer
shall refund to the insured the amount of overpayment calculated back to the
shorter of
either the last 12 months of coverage or the actual policy period.

(Source: P.A. 93-114, eff. 10-1-03.)