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| 1 | AMENDMENT TO HOUSE BILL 981
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| 2 | AMENDMENT NO. ______. Amend House Bill 981 by replacing | ||||||
| 3 | everything after the enacting clause with the following:
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| 4 | "Section 5. The Illinois Insurance Code is amended by | ||||||
| 5 | changing Section 536 as follows:
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| 6 | (215 ILCS 5/536) (from Ch. 73, par. 1065.86)
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| 7 | Sec. 536. Board of Directors. | ||||||
| 8 | (a) The board of directors of the Fund shall consist of not | ||||||
| 9 | less than 5
nor more than 10 9 persons, with one public member | ||||||
| 10 | appointed by the Director, serving terms as established in the | ||||||
| 11 | plan of
operation. The public member shall be a resident of | ||||||
| 12 | this State, and he or she shall either (1) be a licensed and | ||||||
| 13 | certified public accountant under the laws of this State or (2) | ||||||
| 14 | have earned, and maintain in good standing, the Chartered | ||||||
| 15 | Property and Casualty Underwriter (CPCU) designation from the | ||||||
| 16 | American Institute for Chartered Property Casualty | ||||||
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| 1 | Underwriters. The plan of operation shall provide that the | ||||||
| 2 | board of directors
be elected on the basis of one vote for each | ||||||
| 3 | member company of the Fund. If
more than one company of a group | ||||||
| 4 | of wholly owned or controlled companies is a
member company of | ||||||
| 5 | the Fund only one vote will be allowed for the entire
group. | ||||||
| 6 | The members of the board of directors shall be elected by | ||||||
| 7 | member companies
subject to the approval of the Director. | ||||||
| 8 | Vacancies on the board of
directors shall be filled for the | ||||||
| 9 | remaining period of the term by the board
of directors, subject | ||||||
| 10 | to the approval of the
Director.
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| 11 | (b) In approving elections to the board of directors, the | ||||||
| 12 | Director shall consider
among other things whether all member | ||||||
| 13 | companies are fairly represented.
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| 14 | (c) Members of the board of directors shall receive no | ||||||
| 15 | compensation, but may be
reimbursed from the assets of the Fund | ||||||
| 16 | for expenses incurred by them as
members of the board of | ||||||
| 17 | directors.
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| 18 | (Source: P.A. 85-576.)".
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