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(215 ILCS 5/143.11b)
Sec. 143.11b. Assignment or transfer of property and casualty policies. An assignment or transfer of a policy of insurance to which Section 143.11
applies among or between insurers within an insurance holding company system or
insurers under common management or control, or as a result of a merger,
acquisition,
or restructuring of an insurance company, is not a nonrenewal
for purposes of the notification requirements under Sections 143.12 through
143.24. However,
in the event of an increase in the renewal premium of 30% or more, change in
deductibles or change in coverage that materially alters any policy to which
subsection b of Section 143.17a applies, the company shall adhere to the
provisions set forth in
subsection b of Section 143.17a. A company making an assignment or transfer of
a policy among or between insurers within an insurance holding company system
or insurers under common management or control, or as a result of a merger,
acquisition, or restructuring of an insurance company, shall
have delivered to the named insured notice of such assignment or transfer at
least 60 days prior to the renewal date. An exact and unaltered copy of the
notice shall also be sent to the insured's producer, if known, and agent of
record. The assignment or transfer of a policy or policies of insurance among
or between
insurers shall not occur without the producer or agent of record, or both,
having a signed agency contract with the entity to
which the policy or policies are to be assigned or transferred. If there is
not a signed agency contract, all of the notice requirements of Sections 143.17
and 143.17a shall apply. Nothing in
this Section shall contravene any existing producer and company contract
rights. For purposes of this Section, the insured's producer, if known, and agent of record may opt to accept notification of assignment or transfer of policies electronically.
(Source: P.A. 93-713, eff. 1-1-05.)
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