An Illinois bill that permits insurance companies to use modern technology to notify insurance agents and brokers about policy cancellations has passed both chambers and is on the way to the governor for signature.
“This bill was designed to modernize Illinois’ cancellation statutes and we encourage the governor to sign it,” said Laura Kotelman, regional manager and senior counsel for the Property Casualty Insurers Association of America (PCI). “By doing so he’ll be helping Illinois make another step forward in today’s technology environment.”
The bill, S.B. 2491, allows for electronic cancellation notice for agents, brokers, lien holders, mortgage lenders and premium finance companies. It will become effective Jan. 1, 2005, pending the governor’s signature.
Although the Illinois Department of Insurance does not report any complaints about the current cancellation process, the potential for problems exists as long as electronic transmission went unrecognized, Kotelman added.
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