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91_HB1029
LRB9103907JSpr
1 AN ACT to amend the Illinois Insurance Code by changing
2 Section 141.01.
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 141.01 as follows:
7 (215 ILCS 5/141.01) (from Ch. 73, par. 753.01)
8 Sec. 141.01. Agent contracts; cancellation. No company
9 authorized to do business in Illinois shall cancel, terminate
10 or refuse to renew any policy on the ground that the
11 company's contract with the agent through whom such policy
12 was obtained has been terminated. This provision shall not
13 alter any contract between the agent and the company
14 regarding ownership of expirations where the agent is able to
15 place the policy with another insurer with similar coverage
16 to the satisfaction of the insured.
17 (Source: P.A. 80-1374.)