State of Illinois
92nd General Assembly
Legislation

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92_HB2994sam001











                                           LRB9205492JSpcam02

 1                    AMENDMENT TO HOUSE BILL 2994

 2        AMENDMENT NO.     .  Amend House Bill 2994  on  page  31,
 3    line  27,  by  changing  "canceled"  to "canceled, within the
 4    first half of the contract or policy period,"; and

 5    on page 31 by replacing line 34 with the following:
 6    "was not in force.  There shall be no compensation or service
 7    fee assessed or received on  a  contract  or  policy  by  the
 8    insurance  producer  or  business  entity for processing such
 9    cancellation."; and

10    on page 33, line 7, by changing  "subsection  (e)"  to  "this
11    Code"; and

12    on  page  33  by  inserting  immediately  below  line  13 the
13    following:
14        "(e)  An insurer, the authorized  representative  of  the
15    insurer, or a producer that fails to report as required under
16    the  provisions  of  this  Section  or  that is found to have
17    reported with  malicious  intent  by  a  court  of  competent
18    jurisdiction  may, after notice and hearing, have its license
19    or certificate of authority suspended or revoked and  may  be
20    subjected to a civil penalty.".

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