HB0780 Engrossed

LRB095 04154 KBJ 24192 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 issued to an agent that authorizes the agent to execute 
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any bond, as defined in paragraph (g) of Class 2 of Section 4 
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of this Code, in the name and on behalf of the insurer as 
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surety may  be recorded in the clerk's office of each circuit 
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court where the powers delegated by it are to be exercised. No 
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recording is required in any court in this State if the power 
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of attorney or a copy or a facsimile thereof, which may include 
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a printed or facsimile signature or corporate seal, in the name 
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and on behalf of the insurer as surety, is duly attached to or 
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made part of the bond or other 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 is recorded under 
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subsection (a) of this Section, the power of an agent to bind 
 


 






HB0780 Engrossed
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LRB095 04154 KBJ 24192 b




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the surety on any bond shall, unless the power of attorney is 
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otherwise limited, continue until the expiration of the power 
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or until the power is revoked by the surety and recorded in the 
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county where the power of attorney is recorded.
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    (d) The provisions of subsection (a) of this Section shall 
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not be applicable to sureties issuing bail bonds as defined in 
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subsection (b) of Section 110-1 of the Criminal Code of 1963.


 
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    Section 99. Effective date. This Act takes effect January 
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1, 2008.