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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB1596
Introduced 02/16/05, by Rep. Lou Lang SYNOPSIS AS INTRODUCED:
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215 ILCS 5/397 |
from Ch. 73, par. 1009 |
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Amends the Illinois Insurance Code. Excludes from uniformity requirements fire insurance policies issued to industrial insureds that exclude coverage for fire or other peril caused directly or indirectly by terrorism.
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A BILL FOR
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HB1596 |
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LRB094 08299 LJB 38491 b |
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| AN ACT concerning insurance.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Insurance Code is amended by |
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| changing Section 397 as follows:
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| (215 ILCS 5/397) (from Ch. 73, par. 1009)
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| Sec. 397. Standard fire policy.
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| (a)
) The Director of Insurance shall
promulgate such rules |
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| and regulations as may be necessary to effect
uniformity in all |
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| basic policies of fire and lightning insurance issued
in this |
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| State, to the end that there be concurrency of contract where
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| two or more companies insure the same risk. |
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| (b) Commercial insurance policies issued to one or more |
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| industrial insureds, as defined in Section 121-2.08 of this |
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| Code, shall be exempt from the uniformity requirements set |
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| forth in subsection (a) insofar as the commercial insurance |
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| policies issued to industrial insureds may exclude coverage for |
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| loss by fire or other peril insured against if the fire or |
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| other peril is caused directly or indirectly by terrorism.
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| (Source: P.A. 80-1441.)
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