Illinois Compiled Statutes 215 Insurance: Article XXXVIIIA - Mine Subsidence Insurance

• Illinois Insurance Code. - 215 ILCS 5, Section 801.1
  Purpose. The purpose of this Article is to require insurers to make mine subsidence insurance coverage available for residences, living units and commercial buildings...
• Illinois Insurance Code. - 215 ILCS 5, Section 802.1
  Definitions. As used in this Article: (a) "Commercial Building" means any building, other than a residence, permanently affixed to realty located in Illinois, including...
• Illinois Insurance Code. - 215 ILCS 5, Section 803.1
  Establishment of Fund. (a) There is established a fund to be known as the "Illinois Mine Subsidence Insurance Fund". The Fund shall operate pursuant to...
• Illinois Insurance Code. - 215 ILCS 5, Section 804.1
  Management of the Fund. (a) The Fund shall be managed by an 11 member Board of Directors, 6 of whom shall be insurance industry...
• Illinois Insurance Code. - 215 ILCS 5, Section 805.1
  Mine Subsidence Coverage. (a) Beginning January 1, 1994, every policy issued or renewed insuring a residence on a direct basis shall include, at a separately...
• Illinois Insurance Code. - 215 ILCS 5, Section 806.1
  Division of Fund Into Separate Residential and Commercial Sub-funds. (a) Effective January 1, 1994, the Fund shall establish 2 separate sub-funds, a Residential Fund...
• Illinois Insurance Code. - 215 ILCS 5, Section 807.1
  Exemption of Certain Counties by the Director. The Director shall exempt every policy insuring residences, living units or commercial buildings located in any county...
• Illinois Insurance Code. - 215 ILCS 5, Section 808.1
  Right of Insurers to Refuse to Provide Mine Subsidence Coverage. An insurer may refuse to provide mine subsidence coverage on a residence or commercial...
• Illinois Insurance Code. - 215 ILCS 5, Section 809.1
  Arbitration. In the event of a dispute between a policyholder and an insurer as to whether a residence or commercial building covered by mine...
• Illinois Insurance Code. - 215 ILCS 5, Section 810.1
  Reinsurance Agreements. All insurers shall enter into a reinsurance agreement with the Fund. The reinsurance agreement shall be filed with and approved by the...
• Illinois Insurance Code. - 215 ILCS 5, Section 811.1
  Distribution of Premiums. The Fund is authorized to establish the proportion of total mine subsidence insurance premiums collected by each insurer which shall be...
• Illinois Insurance Code. - 215 ILCS 5, Section 812.1
  Claim Payments. The Residential or the Commercial Fund, as the case may be, shall reimburse insurers for all amounts due within 90 days after...
• Illinois Insurance Code. - 215 ILCS 5, Section 813.1
  Reporting Requirements. Every insurer must report, at times designated by the Fund, such information as is reasonably required by the Fund to conduct its...
• Illinois Insurance Code. - 215 ILCS 5, Section 814.1
  Right of Recourse. (a) The Fund shall have no right of recourse against the insurer, once the Fund has reimbursed the insurer for any...
• Illinois Insurance Code. - 215 ILCS 5, Section 815.1
  Subrogation. (a) All insurers issuing mine subsidence policies shall retain the right of subrogation. (b) The Fund, on its own behalf, may exercise the...
• Illinois Insurance Code. - 215 ILCS 5, Section 817.1
  Powers of Director. In addition to any powers conferred upon him by this or any other law, the Director shall have the authority to...

Last modified: February 18, 2015