215 ILCS 5/525
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XXXIII - Urban Property Insurance

 (from Ch. 73, par. 1065.72)Sec. 525.         Industry Placement Program.)(1) Within 30 days after the  effective date of this Article, all insurers engaged in writing in this  State, on a direct basis, basic property insurance or any property  insurance component in multi-peril policies, other than local district,  county and township mutual companies, must establish an Industry  Placement Facility to formulate and administer a Program for the  equitable apportionment among such insurers of basic property insurance  which may be afforded applicants in urban areas whose property is  insurable in accordance with reasonable underwriting standards, but  who, after diligent efforts, are unable to procure such insurance through  normal channels, as evidenced by 3 attempts to procure such insurance.  The Program may also provide, with the approval of the  Director, for the use of deductibles, percentage participation clauses  and other underwriting devices and for assessment of all members in  amounts sufficient to operate the Facility, and may establish maximum  limits of liability to be placed through the Program,  commissions to be paid to the license producer designated by the  applicant and for relieving any company from accepting referrals under  the FAIR Plan, in whole or in part, for reasonable cause.  The Program  may also provide that the Facility issue policies in its own name.  The  Program shall establish reasonable underwriting standards for determining  insurability of a risk, subject to the approval of the Director.(2) The Industry Placement Program, through its plan of operation,  shall provide reasonable access and marketing procedures for (a)  immediate binding of eligible risks; (b) premium installment payment  plans; and, (c) establishing adequate marketing and service facilities  in all designated urban areas of this State.(3) Homeowners insurance coverage shall become part of the Industry  Placement Program of basic property insurance. The Facility shall  develop, with the consultation of the Director, a homeowners insurance  contract(s) for urban areas. Such Program of homeowners insurance will  be implemented through a plan of operation specifically entitling owner  residents who have been nonrenewed through normal insurance channels of  immediate binding coverage pending a reasonable period of time for the  Facility to conduct an inspection of the premises to determine whether  the premises comply with underwriting requirements set out in the Program.(4) Each insurer, as a condition of its authority to transact such  kinds of insurance in this State, must participate in the Industry  Placement Program in accordance with this Article and such a plan of  operation as may be established by a Governing Committee of 6 insurers  elected annually in a manner provided in a membership agreement to be  executed by each participating insurer, 4 members who are not  employees of or otherwise affiliated with the  insurance industry appointed by the Director to represent the  interest of insurance consumers, and one member who is an Illinois licensed  insurance producer appointed by the Director, who shall serve  for terms consistent with the terms served by  their counterparts from the insurance industry.    (Source: P.A. 88-667, eff. 9-16-94.)