(215 ILCS 5/523) (from Ch. 73, par. 1065.70)
Sec. 523.
Definitions.) (1) "Basic Property Insurance" means the
coverage against direct loss to real or tangible personal property at a
fixed location provided in the Standard Fire Policy and Extended
Coverage Endorsement and such vandalism and malicious mischief or such
other classes of insurance as may be added with respect to the property
by the Industry Placement Facility with the approval of the Director, except
insurance on automobile, farm and manufacturing
risks and it shall include homeowners insurance.
(2) "Homeowners Insurance" means the personal multi-peril property
coverages commonly known as Homeowners Insurance.
(3) "Inspection Bureau(s)" means the organization or organizations
designated by the Industry Placement Facility with the approval of the
Director to make inspections to determine the condition of the
properties for which basic property insurance is sought and to perform
such other duties as may be authorized by the Industry Placement
Facility;
(4) "Industry Placement Facility" or "Facility" means the
organization formed by insurers licensed to write and engaged in writing
basic property insurance (including multi-peril policies)
within the State of Illinois to assist applicants in urban areas in
securing basic property insurance and to formulate and administer a
program for the equitable apportionment among such insurers of such
basic property insurance.
(5) "Urban Area" means any community having a blighted, deteriorated
or deteriorating area which the Facility has designated with the
approval of the Director, or which the Secretary of the U.S. Department
of Housing and Urban Development has approved for an urban renewal
project after a local public agency has been formed in the community to
avail itself of a U.S. Housing and Urban Renewal Program, or which the
Director of Insurance has designated.
(6) "Premiums Written" means the gross direct premiums charged with
respect to property in this State on all policies of basic property
insurance and the basic property insurance premium components of all
multi-peril policies less return premiums, dividends paid or credited to
policyholders, or the unused or unabsorbed portions of premium deposits.
(Source: P.A. 80-1365.)
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