SB 4048

Abstract

Amends the Illinois Motor Vehicle Theft Prevention and Insurance Verification Act. Provides that before April 1 of each year, each insurer engaged in writing private passenger motor vehicle insurance coverage may collect and shall pay (rather than shall collect and remit) to the Department of Insurance specified amounts determined by the Illinois Law Enforcement Training Board for deposit into the State Police Training and Academy Fund and the Law Enforcement Training Fund. Makes other changes. Amends the Illinois Insurance Code. In provisions concerning plans of division approval, provides that if a dividing company amends its plan of division at any time before the plan of division becomes effective, the dividing company shall file the amended plan of division for approval by the Director of Insurance. In provisions concerning certificates of division, provides that if the dividing company files an amended plan of division with the Director after a certificate of division has been filed for a previous plan, the dividing company shall file a certificate of stay with the recorder, with a concurrent copy to the Director, and if the Director approves the amended plan, the dividing company shall file an amended certificate of division. Sets forth filing fees and charges. Provides that the Director shall charge and collect the sum of $40 (rather than $20) for any service of process on the Director as attorney. In provisions concerning the Illinois Workers' Compensation Commission Operations Fund surcharges, provides that when a company fails to pay the full amount of any annual Illinois Workers' Compensation Commission Operations Fund Surcharge of $100 or more, there shall be added to the amount due as a penalty an amount equal to 10% (rather than the greater of $1,000 or an amount equal to 5%) of the deficiency for each month or part of a month that the deficiency remains unpaid. Makes other changes. Effective immediately.