Illinois HB4552 amends the Illinois Insurance Code to establish the Illinois FAIR Plan Association for equitable distribution of basic property.
Illinois HB4552 amends the Illinois Insurance Code to establish the Illinois FAIR Plan Association, an organization of insurers to provide basic property insurance. The Association will be governed by a committee with members appointed by the Director of Insurance. It will manage the Industry Placement Facility, which will handle applications, inspections, and evaluations for property insurance. The Association will also develop marketing programs to prevent urban redlining and modify the Standard Fire Policy for non-owner-occupied residences.
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