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| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB0981 Introduced 1/29/2013, by Rep. Monique D. Davis SYNOPSIS AS INTRODUCED:
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215 ILCS 5/536 | from Ch. 73, par. 1065.86 |
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Amends the Illinois Insurance Code. Provides that the board of directors of the Illinois Insurance Guaranty Fund shall consist of not less than 5
nor more than 11 persons, with 2 public members appointed by the Director of Insurance (instead of not less than 5
nor more than 9 persons).
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| | A BILL FOR |
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| | HB0981 | | LRB098 02749 RPM 32757 b |
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| 1 | | AN ACT concerning insurance.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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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 11 9 persons, with 2 public members |
| 10 | | appointed by the Director, serving terms as established in the |
| 11 | | plan of
operation. The plan of operation shall provide that the |
| 12 | | board of directors
be elected on the basis of one vote for each |
| 13 | | member company of the Fund. If
more than one company of a group |
| 14 | | of wholly owned or controlled companies is a
member company of |
| 15 | | the Fund only one vote will be allowed for the entire
group. |
| 16 | | The members of the board of directors shall be elected by |
| 17 | | member companies
subject to the approval of the Director. |
| 18 | | Vacancies on the board of
directors shall be filled for the |
| 19 | | remaining period of the term by the board
of directors, subject |
| 20 | | to the approval of the
Director.
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| 21 | | (b) In approving elections to the board of directors, the |
| 22 | | Director shall consider
among other things whether all member |
| 23 | | companies are fairly represented.
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