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| [ Senate Amendment 001 ] |
91_SB1024
LRB9103039JSpc
1 AN ACT to amend the Illinois Insurance Code by changing
2 Section 143.17.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Insurance Code is amended by
6 changing Section 143.17 as follows:
7 (215 ILCS 5/143.17) (from Ch. 73, par. 755.17)
8 Sec. 143.17. Notice of intention not to renew.
9 a. No company shall fail to renew any policy of
10 insurance, as defined in subsections (a), (b), (c), and (h)
11 of Section 143.13, to which Section 143.11 applies, unless it
12 sends shall send by mail to the named insured at least 30
13 days advance notice of its intention not to renew. The
14 company shall maintain proof of mailing of such notice on a
15 recognized U.S. Post Office form or a form acceptable to the
16 U. S. Post Office or other commercial mail delivery service.
17 An exact and unaltered copy of such notice shall also be sent
18 to the insured's broker, if known, or the agent of record and
19 to the mortgagee or lien holder at the last mailing address
20 known by the company. However, where cancellation is for
21 nonpayment of premium, the notice of cancellation must be
22 mailed at least 10 days before the effective date of the
23 cancellation.
24 b. This Section does not apply if the company has
25 manifested its willingness to renew directly to the named
26 insured. Such written notice shall specify the premium amount
27 payable, including any premium payment plan available, and
28 the name of any person or persons, if any, authorized to
29 receive payment on behalf of the company. If no person is so
30 authorized, the premium notice shall so state. The notice of
31 nonrenewal and the proof of mailing shall be effected on the
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1 same date.
2 c. Should a company fail to comply with (a) or (b) of
3 this Section, the policy shall terminate only on the
4 effective date of any similar insurance procured by the
5 insured with respect to the same subject or location
6 designated in both policies.
7 d. Renewal of a policy does not constitute a waiver or
8 estoppel with respect to grounds for cancellation which
9 existed before the effective date of such renewal.
10 e. In all notices of intention not to renew any policy
11 of insurance, as defined in Section 143.11 the company shall
12 provide a specific explanation of the reasons for nonrenewal.
13 (Source: P.A. 89-669, eff. 1-1-97.)