Advances the availability of basic property insurance in Illinois by restructuring the Industry Placement Facility into the Illinois FAIR Plan.
Establishes the Illinois FAIR Plan Association, composed of insurers writing basic property insurance in the state, to make such insurance available to those unable to obtain it in the standard market. Requires the Association to offer basic property insurance to eligible applicants, including those in urban areas, and mandates immediate binding of eligible risks. The Association must also use premium installment payment plans and set reasonable service standards. The Association's governing committee, with Director approval, adopts articles of association and a plan of operation.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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