HB0981 EnrolledLRB098 02749 RPM 32757 b


  
1    AN ACT concerning insurance.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  


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



6    (215 ILCS 5/536)  (from Ch. 73, par. 1065.86)



7    Sec. 536. Board of Directors. 
8    (a) The board of directors of the Fund shall consist of not 
9less than 5
nor more than 10 9 persons, with one public member 
10appointed by the Director, serving terms as established in the 
11plan of
operation. The public member shall be a resident of 
12this State, and he or she shall either (1) be a licensed and 
13certified public accountant under the laws of this State or (2) 
14have earned, and maintain in good standing, the Chartered 
15Property and Casualty Underwriter (CPCU) designation from the 
16American Institute for Chartered Property Casualty 
17Underwriters. The plan of operation shall provide that the 
18board of directors
be elected on the basis of one vote for each 
19member company of the Fund. If
more than one company of a group 
20of wholly owned or controlled companies is a
member company of 
21the Fund only one vote will be allowed for the entire
group. 
22The members of the board of directors shall be elected by 
23member companies
subject to the approval of the Director. 
 
 
HB0981 Enrolled- 2 -LRB098 02749 RPM 32757 b

1Vacancies on the board of
directors shall be filled for the 
2remaining period of the term by the board
of directors, subject 
3to the approval of the
Director.

4    (b) In approving elections to the board of directors, the 
5Director shall consider
among other things whether all member 
6companies are fairly represented.

7    (c) Members of the board of directors shall receive no 
8compensation, but may be
reimbursed from the assets of the Fund 
9for expenses incurred by them as
members of the board of 
10directors.

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