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92_HB4293
LRB9212789DHgc
1 AN ACT in relation to vehicles.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Vehicle Code is amended by
5 changing Section 7-203 as follows:
6 (625 ILCS 5/7-203) (from Ch. 95 1/2, par. 7-203)
7 Sec. 7-203. Requirements as to policy or bond. No such
8 policy or bond referred to in Section 7-202 shall be
9 effective under this Section unless issued by an insurance
10 company or surety company authorized to do business in this
11 State, except that if such motor vehicle was not registered
12 in this State, or was a motor vehicle which was registered
13 elsewhere than in this State at the effective date of the
14 policy or bond, or the most recent renewal thereof, such
15 policy or bond shall not be effective under this Section
16 unless the insurance company or surety company, if not
17 authorized to do business in this State, shall execute a
18 power of attorney authorizing the Secretary of State to
19 accept service on its behalf of notice or process in any
20 action upon such policy or bond arising out of such motor
21 vehicle accident. However, every such policy or bond is
22 subject, if the motor vehicle accident has resulted in bodily
23 injury or death, to a limit, exclusive of interest and costs,
24 of not less than $30,000 $20,000 because of bodily injury to
25 or death of any one person in any one motor vehicle accident
26 and, subject to said limit for one person, to a limit of not
27 less than $60,000 $40,000 because of bodily injury to or
28 death of 2 or more persons in any one motor vehicle accident,
29 and, if the motor vehicle accident has resulted in injury to
30 or destruction of property, to a limit of not less than
31 $25,000 $15,000 because of injury to or destruction of
-2- LRB9212789DHgc
1 property of others in any one motor vehicle accident.
2 Upon receipt of a written motor vehicle accident report
3 from the Administrator the insurance company or surety
4 company named in such notice shall notify the Administrator
5 within such time and in such manner as the Administrator may
6 require, in case such policy or bond was not in effect at the
7 time of such motor vehicle accident.
8 (Source: P.A. 85-730.)