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90_HB0829ham001
LRB9004077JSgcam01
1 AMENDMENT TO HOUSE BILL 829
2 AMENDMENT NO. . Amend House Bill 829 on page 1,
3 lines 2 and 6, by changing "Section 802.1" each time it
4 appears to "Sections 802.1 and 803.1"; and
5 on page 3 by inserting immediately below line 9 the
6 following:
7 "(m) "Intergovernmental cooperative" means an
8 intergovernmental cooperative organized pursuant to Article
9 VII, Section 10 of the Illinois Constitution and Section 6 of
10 the Intergovernmental Cooperation Act."; and
11 on page 3 by inserting immediately below line 10 the
12 following:
13 "(215 ILCS 5/803.1)
14 Sec. 803.1. Establishment of Fund.
15 (a) There is established a fund to be known as the
16 "Illinois Mine Subsidence Insurance Fund". The Fund shall
17 operate pursuant to this Article. The Fund is authorized to
18 transact business, provide services, enter into contracts and
19 sue or be sued in its own name.
20 (b) The Fund shall provide reinsurance for mine
21 subsidence losses to all insurers writing mine subsidence
22 insurance pursuant to this Article.
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1 (c) The monies in the Fund shall be derived from
2 premiums for mine subsidence insurance collected on behalf of
3 the Fund pursuant to this Article, from investment income and
4 from receipt of Federal or State funds. No insurer shall
5 have any liability to the Fund or to any creditor of the
6 Fund, except as may be set forth in this Article, in the
7 Articles of Governance which may be adopted by the Fund, in a
8 reinsurance agreement executed pursuant to paragraph 810.1,
9 in the Plan of Operation established by the Fund, or in the
10 rules and procedures adopted by the Fund as authorized by the
11 reinsurance agreement.
12 (d) The Fund shall establish the rates, rating
13 schedules, deductibles and retentions, minimum premiums, and
14 classifications for mine subsidence insurance which the Fund
15 shall file with the Director. The Director shall have 30
16 days from the date of receipt to approve or disapprove a rate
17 filing. If no action is taken by the Director within 30
18 days, the rate is deemed to be approved. The Director may,
19 in writing, extend the period for an additional 30 days if
20 the Director determines that additional time is needed.
21 (e) The Fund shall establish its rates, rating
22 schedules, deductibles and retentions, minimum premiums, and
23 classification in such a manner as to satisfy all reasonably
24 foreseeable claims and expenses the Fund is likely to incur.
25 The Fund shall give due consideration to loss experience and
26 relevant trends, premium and other income and reasonable
27 reserves established for contingencies in establishing the
28 mine subsidence rates.
29 (f) The Fund shall compile and publish an annual
30 operating report.
31 (g) The Fund shall develop at least 2 consumer
32 information publications to aid the public in understanding
33 mine subsidence and mine subsidence insurance and shall
34 establish a schedule for the distribution of the publications
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1 pursuant to the reinsurance agreement. Topics that shall be
2 addressed shall include but are not limited to:
3 (1) Descriptive information about mine subsidence,
4 and what benefits mine subsidence insurance provides to
5 the property owner.
6 (2) Information that will be useful to a
7 policyholder who has filed a mine subsidence claim, such
8 as information that explains the claim investigation
9 process and claim handling procedures.
10 (h) The Fund shall be empowered to conduct research
11 programs in an effort to improve the administration of the
12 mine subsidence insurance program and help reduce and
13 mitigate mine subsidence losses consistent with the public
14 interest.
15 (i) The Fund may enter into reinsurance agreements with
16 any intergovernmental cooperative that provides joint
17 self-insurance for mine subsidence losses of its members.
18 These reinsurance agreements shall be substantially similar
19 to reinsurance agreements described in Section 810.1.
20 (Source: P.A. 88-379; 89-206, eff. 7-21-95.)".