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SB2655 Engrossed |
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LRB094 17230 LJB 52519 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 adding |
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| Section 392.2 as follows:
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| (215 ILCS 5/392.2 new) |
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| Sec. 392.2. Powers of attorney. |
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| (a) Each power of attorney for a fidelity and surety |
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| insurer to an agent making that agent an attorney-in-fact to |
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| execute any bond, as provided in paragraph (g) of Class 2 of |
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| Section 4 of this Code, in the name and on behalf of the |
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| insurer as surety shall, unless the power of attorney is |
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| special and limited to one transaction or to definitely stated |
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| transactions, be duly acknowledged and recorded in the clerk's |
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| office of each circuit court where the powers delegated by it |
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| are to be exercised. No recording is required in any court in |
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| this State if the power of attorney or a copy or a facsimile |
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| thereof, which may include a printed or facsimile signature or |
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| corporate seal, in the name and on behalf of the insurer as |
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| surety, is duly attached to or made part of the bond or other |
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| obligation. |
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| (b) Any power of attorney recorded under subsection (a) of |
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| this Section shall require no additional filings as long as the |
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| power of attorney remains in effect. |
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| (c) For any power of attorney that must be recorded under |
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| subsection (a) of this Section, the power of an |
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| attorney-in-fact to bind the surety on any bond with the |
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| authority conferred by a power of attorney shall, unless the |
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| power of attorney is otherwise limited, continue until the |
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| expiration of the power or until the power is revoked by the |
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| surety with a written and sealed instrument duly acknowledged |
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| and recorded in the county where the power of attorney is |