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IL HB0981
Bill
Status
Passed
8/9/2013
Primary Sponsor
Monique Davis
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AI Summary
- Increases the maximum number of Board of Directors members from 9 to 10 persons for the insurance guaranty fund
- Requires appointment of one public member by the Director who must be a Illinois resident and either a licensed certified public accountant or hold a Chartered Property and Casualty Underwriter (CPCU) designation
- Maintains minimum of 5 board members and establishes voting structure where each member company receives one vote, with wholly owned or controlled company groups receiving only one combined vote
- Requires Director approval of all board member elections and consideration of fair representation among member companies
- Board members receive no compensation but may be reimbursed for expenses from fund assets
Legislative Description
INS CD-GUARANTY FUND-BOARD
Last Action
Public Act . . . . . . . . . 98-0202
8/9/2013
Committee Referrals
Insurance4/24/2013
Assignments4/19/2013
Insurance2/13/2013
Rules1/29/2013
Full Bill Text
No bill text available