TITLE INSURERS RECEIVERSHIP
Synopsis of Bill as introduced:
Amends the Title Insurance Act. Increases the surety bond
required before a company may transact a title insurance business.
Increases penalties for transacting business with impaired capital.
Increases maximum annual fees. Authorizes the Director of Financial
Institutions to impose fines for violations of the Act. Establishes
procedures for the liquidation and receivership of title insurers.
Sets forth powers of the Director and receiver and establishes
priority of claims. Effective January 1, 2002.
HOUSE AMENDMENT NO. 1.
Adds reference to:
215 ILCS 155/6 from Ch. 73, par. 1406
215 ILCS 155/21.2 new
215 ILCS 155/21.3 new
215 ILCS 155/25 from Ch. 73, par. 1425
Replaces everything after the enacting clause. Reinserts the
bill substantially as introduced. Increases the deposit and bond
requirements. Requires a title insurer to retain a portion of the
primary liability on policies it issues. Provides that title insurers
must share liability for claims arising out of certain acts of their
agents. Establishes the manner of giving notice under the Act.
Requires insurers to retain records for at least 5 years. Authorizes
the Director of Financial Institutions to impose civil penalties for
violations. Provides that intentional violations of the Act are petty
offenses rather than business offenses. Effective January 1, 2002.
HOUSE AMENDMENT NO. 2.
Provides that the amount of annual license fees shall be based
upon the number of policies insuring title to real estate in this
State issued by a company or any of its agents. Provides that certain
fees are to be collected from the person purchasing the title
HOUSE AMENDMENT NO. 3.
Provides that the $1.25 per policy fee shall be remitted to the
Department of Financial Institutions beginning April 1, 2003 rather
than April 1, 2002.
Last action on Bill: SESSION SINE DIE
Last action date: JAN-07-2003
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 3 SENATE - 0
END OF INQUIRY
Full Text Bill Status