An insurance industry-supported bill that would modernize existing statutes by permitting insurers to electronically transfer cancellation and nonrenewal notices to agents unanimously passed the Illinois Senate and is headed for a first reading in the House, according to the Property Casualty Insurers Association of America (PCI).
SB 2491, introduced by Sen. John Cullerton, a Democrat, will permit electronic transfer of cancellations and nonrenewal notices to producers, mortgage lenders and lienholders. Current Illinois statute does not explicitly allow for an electronic-based information system.
Was this article valuable?
Here are more articles you may enjoy.
Chubb Posts Record Q4 and Full Year P/C Underwriting Income, Combined Ratio 
Allstate Doubles Q4 Net Income While Auto Underwriting Income Triples 
Allstate CEO Wilson Takes on Affordability Issue During Earnings Call 
Trapped Tesla Driver’s 911 Call: ‘It’s on Fire. Help Please’ 
