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.
Morgan & Morgan Plans to Spend $1B on AI Platform in Coming Years 
New York Law Confirms Insurer Liability for Bad Faith Includes Third-Party Claims 
The Big Data/AI ‘Revolution’ Is Driving Up Verdicts, Settlements as Plaintiffs Buy In 
US Tracking Cyber Threats Against Nearly 20 Ships Worldwide 
