IL SB3147

Amends the Mine Subsidence Insurance Article of the Illinois Insurance Code to designate the Illinois Mine Subsidence Insurance Fund as a taxable, private reinsurer funded primarily through premiums ceded by insurers and investment income rather than taxpayer funding

Eliminates deductibles and retentions for mine subsidence damage on all policies issued or renewed on or after January 1, 2027

Establishes 3-year staggered terms for the Fund's 11-member Board of Directors and requires all directors to be independent with duties of care and loyalty to the Fund

Expands residential and living unit coverage to include costs for debris removal, moving and storage of contents, and repair or replacement of landscaping

Authorizes the Fund to set maximum reinsurance amounts per residence, commercial building, and living unit subject to Director of Insurance approval, replacing previously fixed statutory limits