summary
Introduced
01/23/2026
01/23/2026
In Committee
02/17/2026
02/17/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Illinois Insurance Code. Changes the title of the Urban Property Insurance Article to the Availability of Property Insurance Article. Establishes an association, which shall be commonly referred to as the Illinois FAIR ("Fair Access to Insurance Requirements") Plan Association, of all admitted insurers engaged in writing in the State, on a direct basis, basic property insurance or any basic property insurance component in multi-peril policies, including, without limitation, excess and surplus insurers, but not including farm mutual companies. Replaces all references in the Article to Industry Placement Facility or Facility with Association and all references to Inspection Bureau with Inspector. Sets forth provisions concerning participation in and management of the Association. Makes changes to provisions concerning application procedures; authorized operations for issuing policies; approval of rates; the right to appeal; reporting requirements; making of assessments; and powers of the Director of Insurance. Provides that an insurer shall, for purposes of its annual report, premium tax calculations, and all rate-making submissions, include as direct business its proportionate share of the Association's written premium, paid losses, allocated loss adjustment expense, and operating expenses. Repeals provisions concerning the Industry Placement Program; premium financing; applications for coverage of risks by the Industry Placement Facility; the Illinois Insurance Development Fund; reimbursement of the Secretary through the Fund; insolvency of companies; and a task force that reviews policy forms and endorsements issued by the Industry Placement Facility. Effective immediately.
AI Summary
This bill amends the Illinois Insurance Code to rename the "Urban Property Insurance" article to the "Availability of Property Insurance" article and establishes the Illinois FAIR ("Fair Access to Insurance Requirements") Plan Association, which will be composed of all admitted insurers that write basic property insurance in the state, excluding farm mutual companies. The Association will be responsible for making basic property insurance, including homeowners and commercial property insurance, available to qualified applicants who have been unable to obtain it in the standard insurance market, and will manage the equitable distribution of surpluses, losses, and expenses. The bill also renames "Industry Placement Facility" to "Association" and "Inspection Bureau" to "Inspector," clarifies the application and evaluation procedures for obtaining insurance, and outlines the management structure of the Association, including a governing committee with both insurer and public members. Insurers will be required to include their share of the Association's premiums, losses, and expenses in their own financial reporting and tax calculations. Finally, the bill repeals several outdated provisions related to the previous Industry Placement Program and related funds.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
House Insurance Committee Hearing (14:00:00 2/24/2026 Room C-1 Stratton Building) (on 02/24/2026)
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