INS-FAIR PLAN ASSOCIATION

Amends the Illinois Insurance Code. Changes the title of the Urban Property Insurance Article to the Availability of Property Insurance Article. Provides for regulation of an association, commonly referred to as the Illinois FAIR Plan Association, of all admitted insurers engaged in writing in the State, on a direct basis, basic property insurance or any basic property insurance component in multi-peril policies, including, without limitation, excess and surplus insurers, but not including farm mutual companies. Replaces all references in the Article to Industry Placement Facility or Facility with Association and all references to Inspection Bureau with Inspector. Sets forth provisions concerning participation in and management of the Association. Makes changes to provisions concerning application procedures; authorized operations for issuing policies; approval of rates; the right to appeal; reporting requirements; making of assessments; and powers of the Director of Insurance. Provides that an insurer shall, for purposes of ratemaking submissions, include its proportionate share of the Association's deficit or surplus in underwriting results with the method of recognition determined from time to time by the Association's governing committee and the Director. Repeals provisions concerning the Industry Placement Program; premium financing; applications for coverage of risks by the Industry Placement Facility; the Illinois Insurance Development Fund; reimbursement of the Secretary through the Fund; insolvency of companies; and a task force that reviews policy forms and endorsements issued by the Industry Placement Facility. Effective immediately.