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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(215 ILCS 5/810.1)
Sec. 810.1.
Reinsurance Agreements.
All insurers shall enter into a
reinsurance agreement with the Fund. The reinsurance agreement shall be filed
with and approved by the
Director. The agreement shall provide that each
insurer shall cede 100% of any subsidence insurance written up to the limits
contained in Section 805.1(c) to the Fund and, in
consideration of the ceding
commission retained by the insurer, agrees to distribute informational
publications provided by the Fund on a schedule set by the Fund, undertake
adjustment of losses, payment of taxes, and all other expenses of the insurer
necessary for sale of policies and administration of the mine subsidence
insurance coverage. The Fund shall agree to reimburse the insurer for all
amounts reasonably and properly paid policyholders from claims resulting from
mine subsidence and for expenses specified in the reinsurance agreement. In
addition, the reinsurance agreement may contain, and may authorize the Fund to
establish and promulgate deductibles. The reinsurance agreement may also
contain reasonable rules and procedures covering
insurer documentation of losses; insurer reporting of claims, reports of
litigation, premiums and loss payments; loss payment review by the Fund;
remitting of premiums to the Fund; underwriting; and cause and origin
investigations; and procedures for
resolving disputes between the insurers and the Fund.
(Source: P.A. 90-655, eff. 7-30-98; 91-357, eff. 7-29-99.)
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