Illinois HB5376 amends the Mine Subsidence Insurance Article of the Illinois Insurance Code.
Illinois HB5376 amends the Mine Subsidence Insurance Article of the Illinois Insurance Code to modify definitions, management, and operations of the Illinois Mine Subsidence Insurance Fund. The bill defines terms such as "mine subsidence," "residential coverage," and "commercial coverage." It establishes the Fund as a private entity, governed by an 11-member Board of Directors, with responsibilities including setting rates, handling claims, and conducting research. Insurers are required to include specific provisions in their policies and must report losses and premiums to the Fund.
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