(815 ILCS 375/9) (from Ch. 121 1/2, par. 569)
Sec. 9.
The seller may not decline existing required insurance and must
afford the buyer the privilege of purchasing any required insurance from an
insurance company authorized to do business in this State, from or through
any broker or agent selected by the buyer, if the insurance company is
approved by the holder and satisfactory evidence of binding coverage is
furnished the seller or holder. Such approval may not be arbitrarily
or unreasonably withheld by the holder. All insurance which is purchased by
the seller or holder and for which an amount is included in a contract must
be written by an insurance company authorized to do business in the State. The holder
of a contract which includes an amount for insurance purchased by the
seller or holder must, within 30 days after the date of the contract, cause
to be sent to the buyer the policies or certificates of insurance clearly
setting forth the amount of the premium, the types of insurance, the
coverages and all the terms, exceptions, limitations, restrictions and
conditions of the insurance or, in respect to group credit life insurance
and credit accident and health insurance, a notice or statement for that
insurance clearly setting forth the name of the insurer, the identity of
the insured buyer by name or otherwise and a description of the coverage.
If, however, the holder or seller is unable to obtain insurance for the
buyer within a reasonable time, the holder or seller shall notify the buyer
by certified mail of this fact, and 10 days after this notification the
seller or holder of the contract shall cease to be liable for the insurance
except for the credit or refund to the buyer of the premiums included in
the contract.
(Source: P.A. 90-437, eff. 1-1-98.)
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