Bill Text: IL HB2529 | 2009-2010 | 96th General Assembly | Introduced
Bill Title: Amends the Illinois Insurance Code. Provides that no company authorized to transact the kinds of business related to Class 2 (casualty, fidelity, and surety) or Class 3 (fire and marine) insurance may issue an insurance contract or policy that contains a provision that allows a property claim and settlement offer to be calculated using a method other than actual cash value. Defines "actual cash value" as replacement cost less depreciation, considering the age and condition of the property.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2009-03-13 - Rule 19(a) / Re-referred to Rules Committee [HB2529 Detail]
Download: Illinois-2009-HB2529-Introduced.html
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1 | AN ACT concerning insurance.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Insurance Code is amended by adding | |||||||||||||||||||
5 | Section 397.07 as follows:
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6 | (215 ILCS 5/397.07 new) | |||||||||||||||||||
7 | Sec. 397.07. Settlement offer; actual cash value. No | |||||||||||||||||||
8 | company authorized to transact the kinds of business in Class 2 | |||||||||||||||||||
9 | or Class 3 of Section 4 of this Code may issue an insurance | |||||||||||||||||||
10 | contract or policy that contains a provision that allows a | |||||||||||||||||||
11 | property claim and settlement offer to be calculated using a | |||||||||||||||||||
12 | method other than actual cash value. For the purpose of this | |||||||||||||||||||
13 | Section, "actual cash value" means replacement cost less | |||||||||||||||||||
14 | depreciation, considering the age and condition of the | |||||||||||||||||||
15 | property. "Actual cash value" does not include market value.
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