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92_HB4293 LRB9212789DHgc 1 AN ACT in relation to vehicles. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Illinois Vehicle Code is amended by 5 changing Section 7-203 as follows: 6 (625 ILCS 5/7-203) (from Ch. 95 1/2, par. 7-203) 7 Sec. 7-203. Requirements as to policy or bond. No such 8 policy or bond referred to in Section 7-202 shall be 9 effective under this Section unless issued by an insurance 10 company or surety company authorized to do business in this 11 State, except that if such motor vehicle was not registered 12 in this State, or was a motor vehicle which was registered 13 elsewhere than in this State at the effective date of the 14 policy or bond, or the most recent renewal thereof, such 15 policy or bond shall not be effective under this Section 16 unless the insurance company or surety company, if not 17 authorized to do business in this State, shall execute a 18 power of attorney authorizing the Secretary of State to 19 accept service on its behalf of notice or process in any 20 action upon such policy or bond arising out of such motor 21 vehicle accident. However, every such policy or bond is 22 subject, if the motor vehicle accident has resulted in bodily 23 injury or death, to a limit, exclusive of interest and costs, 24 of not less than $30,000$20,000because of bodily injury to 25 or death of any one person in any one motor vehicle accident 26 and, subject to said limit for one person, to a limit of not 27 less than $60,000$40,000because of bodily injury to or 28 death of 2 or more persons in any one motor vehicle accident, 29 and, if the motor vehicle accident has resulted in injury to 30 or destruction of property, to a limit of not less than 31 $25,000$15,000because of injury to or destruction of -2- LRB9212789DHgc 1 property of others in any one motor vehicle accident. 2 Upon receipt of a written motor vehicle accident report 3 from the Administrator the insurance company or surety 4 company named in such notice shall notify the Administrator 5 within such time and in such manner as the Administrator may 6 require, in case such policy or bond was not in effect at the 7 time of such motor vehicle accident. 8 (Source: P.A. 85-730.)