215 ILCS 5/803.1
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XXXVIIIA - Mine Subsidence Insurance

Sec. 803.1. Establishment of Fund.(a) There is established a fund to be known as the "Illinois Mine Subsidence  Insurance Fund".  The Fund shall operate pursuant to this Article.  The Fund is  authorized to transact business, provide services, enter into contracts and sue  or be sued in its own name.(b) The Fund shall provide reinsurance for mine subsidence losses to all  insurers writing mine subsidence insurance pursuant to this Article.(c) The monies in the Fund shall be derived from premiums for mine  subsidence  insurance collected on behalf of the Fund pursuant to this Article, from  investment income and from receipt of Federal or State funds.  No insurer shall  have any liability to the Fund or to any creditor of the Fund, except as may be  set forth in this Article, in the Articles of Governance which may be adopted  by the Fund, in a reinsurance agreement executed pursuant to Section 810.1,  in  the Plan of Operation established by the Fund, or in the rules and procedures  adopted by the Fund as authorized by the reinsurance agreement.(d) The Fund shall establish its rates, rating schedules, deductibles and  retentions, minimum premiums,          classifications, and the maximum amount of reinsurance available per residence, commercial building, and living unit        for mine subsidence insurance which the Fund shall file  with the Director.  The Director shall have 30 days from the  date of  receipt to approve or disapprove a rate filing.  If no action is taken by the  Director within 30 days, the rate is deemed to be approved.  The  Director  may, in writing, extend the period for an additional 30 days if  the  Director  determines that additional time is needed.(e) The Fund shall establish its rates, rating schedules, deductibles and  retentions, minimum premiums,  classifications, and the maximum amount of reinsurance available per residence, commercial building, and living unit in such a manner as to satisfy all reasonably foreseeable  claims and expenses the Fund is likely to incur.  The Fund shall give due  consideration to loss experience and relevant trends, premium and other income  and reasonable reserves established for contingencies in establishing the mine  subsidence rates.(f) The Fund shall compile and publish an annual operating report.(g) The Fund shall develop at least 2 consumer information publications to  aid the public in understanding mine subsidence and mine subsidence insurance  and shall establish a schedule for the distribution of the publications  pursuant  to the reinsurance agreement.  Topics that shall be addressed shall include but  are not limited to:(1) Descriptive information about mine subsidence,     and what benefits mine subsidence insurance provides to the property owner.(2) Information that will be useful to a policyholder     who has filed a mine subsidence claim, such as information that explains the claim investigation process and claim handling procedures.(h) The Fund shall be empowered to conduct research programs in an effort to  improve the administration of the mine subsidence insurance program and help  reduce and mitigate mine subsidence losses consistent with the public  interest.(i) The Fund may enter into reinsurance agreements with any  intergovernmental cooperative that provides joint self-insurance for mine  subsidence losses of its members.  These reinsurance agreements shall be  substantially similar to reinsurance agreements described in Section 810.1.    (Source: P.A. 95-92, eff. 1-1-08; 95-334, eff. 1-1-08.)