Public Act 098-0202
 
HB0981 EnrolledLRB098 02749 RPM 32757 b


  
    AN ACT concerning insurance.
  
 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:
  


 
 
    Section 5. The Illinois Insurance Code is amended  by 
changing Section 536 as follows:
 



    (215 ILCS 5/536)  (from Ch. 73, par. 1065.86)



    Sec. 536. Board of Directors. 
    (a) The board of directors of the Fund shall consist of not 
less than 5
nor more than 10 9 persons, with one public member 
appointed by the Director, serving terms as established in the 
plan of
operation. The public member shall be a resident of 
this State, and he or she shall either (1) be a licensed and 
certified public accountant under the laws of this State or (2) 
have earned, and maintain in good standing, the Chartered 
Property and Casualty Underwriter (CPCU) designation from the 
American Institute for Chartered Property Casualty 
Underwriters. The plan of operation shall provide that the 
board of directors
be elected on the basis of one vote for each 
member company of the Fund. If
more than one company of a group 
of wholly owned or controlled companies is a
member company of 
the Fund only one vote will be allowed for the entire
group. 
The members of the board of directors shall be elected by 
member companies
subject to the approval of the Director. 
Vacancies on the board of
directors shall be filled for the 
remaining period of the term by the board
of directors, subject 
to the approval of the
Director.

    (b) In approving elections to the board of directors, the 
Director shall consider
among other things whether all member 
companies are fairly represented.

    (c) Members of the board of directors shall receive no 
compensation, but may be
reimbursed from the assets of the Fund 
for expenses incurred by them as
members of the board of 
directors.

(Source: P.A. 85-576.)




Effective Date:  1/1/2014