215 ILCS 5/522: Purpose.

(Text of Section before amendment by P.A. 104-645)

This article is to make basic property insurance increasingly available to the citizens of this State, and to deter the insurance industry from geographically redlining urban areas of this State by requiring the restructuring of the Industry Placement Facility and administering the FAIR Plan (Fair Access to Insurance Requirements) to deliver residential property insurance to all citizens of this State on a reasonable access and marketing basis by offering homeowners insurance, by requiring immediate binding of eligible risks, by making use of premium installment payment plans, and by further establishing reasonable service standards in its plan of operation subject to the approval and review of the Director; and, to establish a central operation facility for the equitable distribution of losses and expenses in the writing of the basic property insurance and homeowners insurance in this State.

(Text of Section after amendment by P.A. 104-645)

Purpose. The purpose of this Article is to make basic property insurance increasingly available to the citizens of this State by authorizing an Association of insurers licensed to write and engaged in writing basic property insurance, including multi-peril policies, within this State, to make available property insurance to all citizens of this State on a reasonable access and marketing basis by offering basic property insurance to qualified applicants, binding of eligible risks, using premium installment payment plans, and establishing reasonable service standards in its plan of operation; and, to authorize and administer a mechanism for the equitable distribution of surpluses, losses, and expenses of the Association in the writing of the basic property insurance and homeowners insurance in this State.