(215 ILCS 5/523) (from Ch. 73, par. 1065.70)
Sec. 523.
Definitions.) (1) "Basic Property Insurance" means the
coverage against direct loss to real or tangible personal property at a
fixed location provided in the Standard Fire Policy and Extended
Coverage Endorsement and such vandalism and malicious mischief or such
other classes of insurance as may be added with respect to the property
by the Industry Placement Facility with the approval of the Director, except
insurance on automobile, farm and manufacturing
risks and it shall include homeowners insurance.
(2) "Homeowners Insurance" means the personal multi-peril property
coverages commonly known as Homeowners Insurance.
(3) "Inspection Bureau(s)" means the organization or organizations
designated by the Industry Placement Facility with the approval of the
Director to make inspections to determine the condition of the
properties for which basic property insurance is sought and to perform
such other duties as may be authorized by the Industry Placement
Facility;
(4) "Industry Placement Facility" or "Facility" means the
organization formed by insurers licensed to write and engaged in writing
basic property insurance (including multi-peril policies)
within the State of Illinois to assist applicants in urban areas in
securing basic property insurance and to formulate and administer a
program for the equitable apportionment among such insurers of such
basic property insurance.
(5) "Urban Area" means any community having a blighted, deteriorated
or deteriorating area which the Facility has designated with the
approval of the Director, or which the Secretary of the U.S. Department
of Housing and Urban Development has approved for an urban renewal
project after a local public agency has been formed in the community to
avail itself of a U.S. Housing and Urban Renewal Program, or which the
Director of Insurance has designated.
(6) "Premiums Written" means the gross direct premiums charged with
respect to property in this State on all policies of basic property
insurance and the basic property insurance premium components of all
multi-peril policies less return premiums, dividends paid or credited to
policyholders, or the unused or unabsorbed portions of premium deposits.
(Source: P.A. 80-1365.)
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(215 ILCS 5/524) (from Ch. 73, par. 1065.71)
Sec. 524.
FAIR Plan Procedure.
(1) Any person having an insurable
interest in real or tangible personal property at a fixed location in an
urban area who, after diligent effort has been unable to obtain basic
property insurance, as evidenced by 3 attempts to procure such insurance,
is entitled upon application to the Facility to an
inspection and evaluation of the property by representatives of the
Inspection Bureau.
(2) Any person who is an owner-resident of a one to four family
dwelling unit at a fixed location in an urban area and whose residential
real property insurance coverage has been nonrenewed through the
voluntary insurance market shall be entitled to submit a binding
application of coverage to the Facility for such period of time as is
required by the Facility to conduct a reasonable inspection of the
residential real property.
(3) The manner and scope of the inspection and evaluation report
for nonresidential property shall be prescribed by the Facility with
the approval of the Director. The
inspection must include, but need not be limited to, pertinent
structural and occupancy features as well as the general condition of
the building and surrounding structures. A representative photograph of
the property may be taken as part of the inspection.
(4) Promptly after the request for inspection is received an
inspection must be made and an inspection report filed with the company
or companies designated by the Facility. A copy of the completed
inspection and evaluation report must be sent to the Facility and made
available to the
applicant and to insurers in the voluntary insurance market upon request.
(5) If the Inspection Bureau finds that the residential property meets
the reasonable underwriting standards established under Section 525, the
applicant shall be so informed in writing. If the residential property does
not meet the criteria, the applicant shall be informed, in writing, of the
reasons for the failure of the residential property to meet the criteria.
(6) If, at any time, the applicant makes improvements in the residential
property or its condition which he or she believes are sufficient to make
the residential property meet the criteria, a representative of the Inspection
Bureau shall reinspect the residential property upon request. In any case,
the applicant for residential property insurance shall be eligible for one
reinspection any time
beginning 60 days after his or
her initial Fair plan inspection. If upon reinspection the residential property
meets the reasonable underwriting standards established under Section 525,
the applicant shall be so informed in writing.
(Source: P.A. 81-1430.)
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