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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(215 ILCS 5/530) (from Ch. 73, par. 1065.77)
Sec. 530.
Powers of the Director.) In addition to any powers
conferred upon him by this or any other law, the Director is charged
with the authority to supervise the Inspection Bureau, the Facility and
the Association. In addition the Director or any person designated by
him has the power:
(1) to examine the operation of the Facility and Association through
free access to all the books, records, files, papers and documents
relating to their operation and may summon, qualify and examine as
witnesses all persons having knowledge of such operations including
officers, agents or employees thereof;
(2) to do all things necessary to enable the State of Illinois and
any insurer participating in any Program approved by the Director to
fully participate in any federal program of reinsurance which may be
enacted for purposes similar to the purposes of this Article;
(3) to require such reports from insurers concerning risks insured
under any Program approved pursuant to this Article as he may deem
necessary;
(4) to approve a homeowners policy form(s) for the Industry Placement Program.
(5) To require the Insurance Placement Program to develop marketing programs
which will deter urban redlining and other unfairly discriminatory geographic
underwriting programs by making readily available basic property insurance.
(6) to permit modification of the Standard Fire Policy issued by the
facility for non owner-occupied residences exceeding four units, after the
director has conducted a public hearing which establishes that such modifications:
1) will provide for equitable settlements of loss;
2) will discourage arson for profit; and
3) will encourage neighborhood revitalization, while maintaining the interests
of the insured and the facility. The Director shall confer with the facility
to establish criteria by which it can be determined whether such modification
of the Standard Fire Policy is accomplishing its objectives. The Director
shall conduct, within two years of any modification of the Standard Fire
Policy, a public hearing to determine whether such modification has accomplished
the three preceding objectives. In the event that such public hearing does
not establish that such objectives are being accomplished, then the Director
shall rescind the modification of the Standard Fire Policy, or further modify
such policy to accomplish the objectives.
(Source: P.A. 82-499.)
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