Illinois Administrative Code › Title 92 - TRANSPORTATION › Part 1070 - ILLINOIS SAFETY RESPONSIBILITY LAW › Section 1070.20 - Future Proof

Current through Register Vol. 48, No. 28, July 12, 2024
a)  For purposes of this Section, the following definitions shall apply:
"Certificate of Insurance" - certificate electronically transmitted to the Secretary of State's Office as proof that the person has purchased financial responsibility insurance as outlined in Section 7-315 of the IVC.
"Department" - Department of Driver Services of the Office of the Secretary of State.
"Financial Responsibility Insurance" - insurance used to establish proof of financial responsibility as established in Sections 7-315 and 7-316 of the IVC.
"Illinois Insurance Guaranty Fund" - Article XXXIV of the Illinois Insurance Code [215 ILCS 5] that deals with disposition of assets following bankruptcy.
"Illinois Vehicle Code" or "Vehicle Code" or "IVC" - 625 ILCS 5.
"Law" - the Illinois Safety and Family Financial Responsibility Law of the Illinois Vehicle Code [625 ILCS 5/Ch. 7].
"Lien" - claim on property of another as security for payment of a just debt.
"Owner's policy" or an "operator's policy" - a policy of liability insurance that is certified pursuant to Section 7-315 or 7-316 of the IVC, comports with Section 1-164.5 of the IVC, and complies with the requirements of Section 7-317(b), (c), (d) and (f) of the IVC.
"Proof of Financial Responsibility for the Future" - ability to respond in damages for any liability resulting from the ownership, maintenance, use or operation of a motor vehicle as provided in Section 1-164.5 of the IVC.
"Real Estate Bond" - proof of financial responsibility filed pursuant to Section 7-320 of the IVC.
"Stock" - proportionate share in ownership of corporation held by individual and that is usually represented by a stock certificate.
"Surety" - a person who is self-designated as liable for another's debts or defaults of obligations.
b)  When a person purchases insurance to satisfy proof of financial responsibility for the future, the insurance company shall electronically transmit a certificate of insurance to the Department. The certificate shall contain the insured's name and address, driver's license number, birthdate, current policy number, effective date of the insurance policy, and the name of the insurance company. If the policy is an owner's, rather than operator's policy, it must include the model year, trade name, and identification number of the vehicle. The owner's policy must also conform with the amounts specified in Section 1-164.5 of the IVC.
c)  If a person purchases a certificate of insurance to satisfy the requirement of future proof of financial responsibility and the insurance company fails, is no longer in business, ceases operations by order of a court, and the Department is notified by the Illinois Insurance Guaranty Fund of the non-operation of the insurance company, then the Department will notify the person of the non-operation. The person shall have 30 days after notification by the Department to provide a new certificate of insurance or satisfy the future proof requirement by cash or one of the other alternate methods provided in Section 7-314 of the IVC. If a suspension of a driver's license has been entered even though the person has provided future proof of financial responsibility within the 30-day time period, the suspension shall be removed.
d)  If a person required to furnish proof of financial responsibility for the future chooses to file a bond pursuant to Section 7-320 of the IVC, and the bond is executed by the person giving the proof and two individual sureties, the following conditions must be met:
1)  Each surety must own real estate within the State of Illinois;
2)  Each surety must have equity in that real estate in the amount of the bond;
3)  The bond must be endorsed by the clerk of the court and approved by a judge as provided in Section 7-320 of the IVC.