215 ILCS 205/1
Short title
Short title. This Act may be cited as the Private Primary Residential Flood Insurance Act. (Source: P.A. 102-720, eff. 1-1-23.)
Illinois Compiled Statutes 215 ILCS 205 — Private Primary Residential Flood Insurance Act.
Illinois · statute · 215 ILCS 205 · 8 active provisions
215 ILCS 205/3
Purpose
Purpose. To provide protection of lives and property from the peril of flood, this Act is designed to encourage a robust private primary residential flood insurance market to provide consumer choices and alternatives to the existing National Flood Insurance Program. (Source: P.A. 102-720, eff. 1-1-23.)
215 ILCS 205/5
Definitions
Definitions. As used in this Act: "Authorized insurer" means an insurer that is authorized by the Department of Insurance to write insurance under a certificate of authority issued by the Department of Insurance to transact insurance in this State. "Department" means the Department of Insurance. "National Flood Insuran…
215 ILCS 205/10
Forms
Forms. The coverage for residential properties required to have flood insurance that are in a special flood hazard area designated by the Federal Emergency Management Agency shall meet the private flood insurance requirements specified in subsection (b) of 42 U.S.C. 4012a and applicable federal regulations. (Source: P.…
215 ILCS 205/15
Regulatory notice of intent
Regulatory notice of intent. Authorized insurers must: (1) notify the Department of plans to sell primary residential flood insurance products in accordance with the State's rate filing laws at least 30 days before writing primary residential flood insurance in this State; and (2) obtain the approval of the Director of…
215 ILCS 205/20
Notice to consumers
Notice to consumers. (a) If a consumer currently has no coverage under the National Flood Insurance Program, the consumer applicant must be informed of the existence of the National Flood Insurance Program before being placed with private flood insurance. (b) All consumers must be informed that the coverage under the N…
215 ILCS 205/25
Other provisions
Other provisions. (a) With respect to the regulation of private flood insurance coverage written in this State by authorized insurers, this Section supersedes any other provision of the Illinois Insurance Code in the event of a conflict. (b) An insurer shall certify that the insurance policy meets the definition of "pr…
215 ILCS 205/30
Rules
Rules. The Department may adopt rules to implement this Act. (Source: P.A. 102-720, eff. 1-1-23.)