SB2655eng 94TH GENERAL ASSEMBLY

SB2655 Engrossed LRB094 17230 LJB 52519 b

AN ACT concerning insurance.

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

Section 5. The Illinois Insurance Code is amended by adding Section 392.2 as follows:

(215 ILCS 5/392.2 new)

Sec. 392.2. Powers of attorney.

(a) Each power of attorney for a fidelity and surety insurer to an agent making that agent an attorney-in-fact to execute any bond, as provided in paragraph (g) of Class 2 of Section 4 of this Code, in the name and on behalf of the insurer as surety shall, unless the power of attorney is special and limited to one transaction or to definitely stated transactions, be duly acknowledged and recorded in the clerk's office of each circuit court where the powers delegated by it are to be exercised. No recording is required in any court in this State if the power of attorney or a copy or a facsimile thereof, which may include a printed or facsimile signature or corporate seal, in the name and on behalf of the insurer as surety, is duly attached to or made part of the bond or other obligation.

(b) Any power of attorney recorded under subsection (a) of this Section shall require no additional filings as long as the power of attorney remains in effect.

(c) For any power of attorney that must be recorded under subsection (a) of this Section, the power of an attorney-in-fact to bind the surety on any bond with the authority conferred by a power of attorney shall, unless the power of attorney is otherwise limited, continue until the expiration of the power or until the power is revoked by the surety with a written and sealed instrument duly acknowledged and recorded in the county where the power of attorney is recorded.