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90_SB1066
215 ILCS 5/388a from Ch. 73, par. 1000
Amends the Illinois Insurance Code. Allows a group
vehicle insurance policy be issued to a limited liability
company.
SDS/bill0044/bkp
SDS/bill0044/bkp
1 AN ACT to amend the Illinois Insurance Code by changing
2 Section 388a.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Insurance Code is amended by
6 changing Section 388a as follows:
7 (215 ILCS 5/388a) (from Ch. 73, par. 1000a)
8 Sec. 388a. Group vehicle insurance defined.
9 (a) Group vehicle insurance is declared to be that form
10 of vehicle insurance covering not less than 10 employees,
11 members, or employees of members, written under a master
12 policy issued to any governmental corporation, unit, agency
13 or department thereof, or to any corporation, co-partnership,
14 limited liability company, individual employer, or to any
15 association upon application of an executive officer or
16 trustee of such association having a constitution or by-laws
17 and formed in good faith for purposes other than that of
18 obtaining insurance, where officers, members, employees,
19 employees of members or classes or department thereof, may be
20 insured for their individual benefit. In addition a group
21 vehicle policy may be written to insure any group which may
22 be insured under a group life insurance policy. The term
23 "employees" shall include the officers, managers and
24 employees of subsidiary or affiliated corporations, and the
25 individual proprietors, partners and employees of affiliated
26 individuals and firms, when the business of such subsidiary
27 or affiliated corporations, firms or individuals, is
28 controlled by a common employer through stock ownership,
29 contract or otherwise.
30 (b) A group vehicle insurance policy may provide
31 physical damage coverage, liability coverage, or a
-2- SDS/bill0044/bkp
1 combination of physical damage and liability coverage. A
2 group physical damage policy and a certificate incidental to
3 that policy, issued in accordance with this Section, does not
4 meet the mandatory insurance requirements under the Illinois
5 Vehicle Code and must contain a warning to the consumer that
6 the policy does not comply with those requirements.
7 (Source: P.A. 88-313.)