INS-FAIR PLAN ASSOCIATION

Summary

If enacted, this bill would overhaul the Illinois FAIR Plan Association, which provides property insurance for high-risk properties, by expanding its regulatory framework, changing participation and management rules, adjusting rate approval and assessment processes, and repealing several existing provisions such as premium financing and the Industry Placement Program. It would affect all admitted insurers writing basic property insurance in Illinois, including excess and surplus lines insurers, but excludes farm mutual companies. The bill gives the Director of Insurance expanded powers and requires insurers to include their share of the Association's deficit or surplus in ratemaking submissions.