HB2285 95TH GENERAL ASSEMBLY

LRB095 01344 KBJ 21346 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB2285

Introduced 2/26/2007, by Rep. Michael J. Madigan - Barbara Flynn Currie - Frank J. Mautino

SYNOPSIS AS INTRODUCED:

215 ILCS 5/143.27

from Ch. 73, par. 755.27

Amends the Illinois Insurance Code. Makes a technical change in a Section concerning the time within which to make repairs to damaged property.

A BILL FOR

AN ACT concerning regulation.

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 changing Section 143.27 as follows:

(215 ILCS 5/143.27) (from Ch. 73, par. 755.27)

Sec. 143.27. No insurance company may give to any named insured any notice of cancellation or nonrenewal of a policy of fire and and extended coverage insurance, as defined in subsection (b) of Section 143.13, covering property which is capable of being rehabilitated, without allowing the named insured a reasonable period of time in which to repair defects in the insured property or relevant portion thereof, to an extent reasonably sufficient to facilitate continued coverage thereon. The time reasonably allowable therefor (which in no event shall exceed ninety days) and the degree of sufficiency of such rehabilitative efforts which insurance companies shall accept, may be determined by a certificate from a licensed contractor or architect and such rehabilitative efforts shall be in compliance with local municipal building codes. The notice of need for repair shall be from the insurance company, which may be sent to the insured at any time during the policy term, and which notice shall commence the time period established under this Section.

(Source: P.A. 81-857.)