SB0484 - Illinois: Mortgage

INSCODE-NOTICE Amends the Illinois Insurance Code. Provides that if an insurer fails to provide the notice required by this provision regarding terms, conditions, and premium between 30 and 60 days in advance of the expiration date on the policy declaration page, the current expiration date must be extended with no changes to allow 60 days notice of an increase in the premium of 30% or more (now, the company must extend the current policy under the same terms, conditions, and premium to allow 60 days notice of renewal and provide the actual renewal premium quotation and any change in coverage or deductible on the policy). Provides that if any insurer fails to provide at least 30 days notice prior to the expiration date on the policy declaration page, the insurer may not change any terms, conditions, or increase the premium by 30% or more for one full year of the renewal policy term. Also provides that if the policy is not mailed to the insured or the insured's agent prior to [...]

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