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215 ILCS 5/143.10a
(215 ILCS 5/143.10a) (from Ch. 73, par. 755.10a)
Sec. 143.10a.
Loss Information.
(1) All companies issuing policies to
which Section 143.11 of this Code applies, except for those defined in
subsections (a), (b) and (c) of
Section 143.13 of this Code and to which subsection (o) of Section 19 of
the Workers' Compensation Act applies, shall on or after January 1, 1987,
provide the following loss information for the 3 previous policy years to
the first named insured within 30 days of the insured's request. At the
written request of the insured, the company shall send the loss information
directly to the insured's producer. In
addition, the company shall also send the loss information at the
same time as any notice of cancellation or nonrenewal, except where the
policy has been cancelled for nonpayment of premium, material
misrepresentations or fraud on the part of the insured:
(a) On closed claims, date and description of | | occurrence, and total amounts of payments;
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(b) On open claims, date and description of
| | occurrence, total amount of payments and total reserves, if any; and
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(c) For any occurrence not included in (a) or (b) of
| | this subsection (1), the date and description of occurrence and total reserves, if any.
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(2) Should a named insured be required by a prospective insurer to
provide detailed loss information in addition to that required under
subsection (1) of this Section, the named insured may mail
or deliver a written request to the insurer for such additional
information, including specific loss reserves. No prospective insurer shall
request, however, more detailed information than required by it to
underwrite the same line or class of insurance. The insurer shall provide
such information to the first named insured as soon as possible, but in no
event later than 20 days of receipt of such request.
Coverage under the existing policy
shall automatically be extended at the same terms and conditions by the
same number of days it takes the insurer to provide the insured with this
additional information.
(3) The Director may promulgate regulations to exclude the automatic
providing of the loss information at the time of cancellation or renewal as
outlined in subsection (1) of this Section for any line or class of
insurance where it can be shown that the information is not needed for that
line or class of insurance.
(4) If a company fails to provide the information as required by this
Section with such frequency so as to indicate a practice of refusing to
provide such information, such failure shall constitute an unfair trade
practice as defined in Section 424 and subject to those hearing and penalty
provisions as set forth in Sections 425 through 434.
(5) Information provided under subsection (2) of this Section shall not
be subject to discovery by any party other than the insured, the insurer,
and the prospective insurer.
(Source: P.A. 93-155, eff. 7-10-03.)
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