Illinois HB 5376: BUDGET FUND-GA OVERSIGHT

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 Full Text of HB5376

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HB5376 EnrolledLRB104 20354 BAB 33809 b

1 AN ACT concerning regulation.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Insurance Code is amended by 

5changing Sections 801.1, 802.1, 803.1, 804.1, 805.1, 806.1, 

6807.1, 808.1, 810.1, 811.1, 813.1, 815.1, and 817.1 as 

7follows:

8 (215 ILCS 5/801.1)

9 Sec. 801.1. Purpose. The purpose of this Article is to 

10require insurers to make mine subsidence insurance coverage 

11available for residences, living units and commercial 

12buildings located in Illinois; to establish the Illinois Mine 

13Subsidence Insurance Fund; to divide the Fund into separate 

14residential and commercial sub-funds; and to make the Fund a 

15taxable, private the reinsurer for the mine subsidence 

16insurance made available under this Article.

17(Source: P.A. 88-379.)

18 (215 ILCS 5/802.1)

19 Sec. 802.1. Definitions. As used in this Article:

20 (a) "Commercial building Building" means any building that 

21is classified by the insurer as a commercial building and is , 

22other than a residence, permanently affixed to realty located 

HB5376 Enrolled- 2 -LRB104 20354 BAB 33809 b

1in Illinois, including basements, footings, foundations, 

2septic systems and underground pipes directly servicing the 

3building. "Commercial building" does not include any other 

4improvements to real property, including, without limitation, 

5but does not include sidewalks, driveways, parking lots, 

6living units, land, landscaping, lawns, trees, plants, crops, 

7or agricultural field drainage tile.

8 (b) "Commercia