093_SB1050

 
                                     LRB093 07872 JLS 08062 b

 1        AN ACT concerning insurance.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.  The  Illinois  Insurance  Code is amended by
 5    changing Section 143.27 as follows:

 6        (215 ILCS 5/143.27) (from Ch. 73, par. 755.27)
 7        Sec. 143.27.  Time for repairs; cancellation; nonrenewal.
 8    No insurance company may give to any named insured any notice
 9    of cancellation  or  nonrenewal  of  a  policy  of  fire  and
10    extended  coverage insurance, as defined in subsection (b) of
11    Section 143.13, covering property which is capable  of  being
12    rehabilitated,   without   allowing   the   named  insured  a
13    reasonable period of time in which to repair defects  in  the
14    insured  property  or  relevant portion thereof, to an extent
15    reasonably  sufficient  to  facilitate   continued   coverage
16    thereon.  The time reasonably allowable therefor (which in no
17    event shall exceed ninety days) and the degree of sufficiency
18    of  such  rehabilitative  efforts  which  insurance companies
19    shall accept, may be  determined  by  a  certificate  from  a
20    licensed  contractor  or  architect  and  such rehabilitative
21    efforts shall be in compliance with local municipal  building
22    codes.   The  notice  of  need  for  repair shall be from the
23    insurance company, which may be sent to the  insured  at  any
24    time  during the policy term, and which notice shall commence
25    the time period established under this Section.
26    (Source: P.A. 81-857.)