|
Sen. William R. Haine
Filed: 3/13/2014
| | 09800SB3324sam001 | | LRB098 18518 RPM 56711 a |
|
|
| 1 | | AMENDMENT TO SENATE BILL 3324
|
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 3324 on page 1, |
| 3 | | line 5, by replacing "and 445.4" with "445.1, and 445.4"; and
|
| 4 | | on page 31, immediately below line 14, by inserting the |
| 5 | | following:
|
| 6 | | "(215 ILCS 5/445.1) (from Ch. 73, par. 1057.1)
|
| 7 | | Sec. 445.1. Surplus Line Association of Illinois. There is |
| 8 | | hereby created a
non-profit association to be known as the |
| 9 | | Surplus Line Association of
Illinois. All surplus line |
| 10 | | producers shall be and must remain individual
members of the |
| 11 | | Association as a condition of their holding a license as a
|
| 12 | | surplus line producer in this State. The Association must |
| 13 | | perform its
functions under the plan of operation established |
| 14 | | and approved under
Section 445.3 and must exercise its powers |
| 15 | | through a board of directors
established under Section 445.2 of |
| 16 | | this Code. The Association shall be
supervised by the Director |
|
| | 09800SB3324sam001 | - 2 - | LRB098 18518 RPM 56711 a |
|
|
| 1 | | and is subject to the applicable provisions of
the Illinois |
| 2 | | Insurance Code. The Association shall be authorized and have |
| 3 | | the
duty to:
|
| 4 | | (1) receive, record and countersign all surplus line |
| 5 | | insurance
contracts which surplus line producers are required |
| 6 | | to file with the
Association under subsection (5) of Section |
| 7 | | 445;
|
| 8 | | (2) prepare monthly reports for the Director on surplus |
| 9 | | line insurance
procured by its members during the preceding |
| 10 | | month in such form and
providing such information as the |
| 11 | | Director may prescribe;
|
| 12 | | (3) prepare and deliver to the Director and, at the |
| 13 | | discretion of the Director, to each licensee and to the |
| 14 | | Director the reports
of surplus line business prescribed in |
| 15 | | subsection (3) of Section 445;
|
| 16 | | (4) assess its members for costs of operations in |
| 17 | | accordance with a
schedule adopted by the Board of Directors of |
| 18 | | the Association and
approved by the Director;
|
| 19 | | (5) employ and retain such persons as are necessary to |
| 20 | | carry out the
duties of the Association;
|
| 21 | | (6) borrow money as necessary to effect the purposes of the |
| 22 | | Association;
|
| 23 | | (7) enter contracts as necessary to effect the purposes of |
| 24 | | the Association;
|
| 25 | | (8) perform such other acts as will facilitate and |
| 26 | | encourage compliance
by its members with the surplus line law |
|
| | 09800SB3324sam001 | - 3 - | LRB098 18518 RPM 56711 a |
|
|
| 1 | | of this State and rules
promulgated thereunder; and
|
| 2 | | (9) provide such other services to its members as are |
| 3 | | incidental or
related to the purposes of the Association. |
| 4 | | Nothing in this Act shall be
construed as giving the |
| 5 | | Association any discretionary authority to enforce
this Act or |
| 6 | | to withhold countersignature of insurance contracts which meet
|
| 7 | | the requirements of subsection (5) of Section 445.
|
| 8 | | (Source: P.A. 83-1300.)".
|