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IL HB5376

Bill

Official Source

Status

Introduced

2/6/2026

Primary Sponsor

Jay Hoffman

Click for details

Origin

House of Representatives

104th General Assembly

AI Summary

  • Amends the Mine Subsidence Insurance Article of the Illinois Insurance Code to designate the Illinois Mine Subsidence Insurance Fund as a taxable, private reinsurer rather than a state fund
  • Eliminates deductibles and retentions for mine subsidence damage on all policies issued or renewed on or after January 1, 2027
  • Restructures the 11-member Board of Directors with 3-year staggered terms, requiring all directors to be independent and owe duties of care and loyalty to the Fund
  • Expands residential and living unit coverage to include debris removal costs, moving and storage of contents, and repair or replacement of landscaping
  • Requires the Fund to establish maximum reinsured loss amounts per residence, commercial building, and living unit, subject to Director of Insurance approval

Legislative Description

MINE SUBSIDENCE INSURANCE FUND

Last Action

Referred to Rules Committee

2/10/2026

Committee Referrals

Rules2/10/2026

Full Bill Text

No bill text available