Illinois has enacted Senate Bill 2910 which, among other provisions, amends certain statutes related to the Illinois FAIR Plan Association (Association).
The bill updates the required information for notices to an insured regarding eligibility for the FAIR Plan following certain policy cancellations and nonrenewals. The bill also clarifies who has appeal rights and establishes a 30-day window to appeal after notice of action by the Association. Additionally, the bill updates the qualifications for applying to the Association and clarifies the application evaluation procedure. The bill also establishes which insurers will participate in the Association and provides details regarding administrative management. Furthermore, the bill amends how assessments are made to participating insurers, clarifying member liability for loss and how the Association may use generated profit.
For more information, please see Senate Bill 2910.