Illinois § 143.16b Premium Refunds for Drought Insurance

Illinois Statutes

§ 143.16b — Premium Refunds for Drought Insurance

Illinois § 143.16b

JurisdictionIllinois

TopicREGULATION

Ch. 215INSURANCE

Act 215 ILCS 5/Illinois Insurance Code.

Art.Article IX - Provisions Applicable To All Companies

This text of Illinois § 143.16b (Premium Refunds for Drought Insurance) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

215 Ill. Comp. Stat. 143.16b (2026).

Text

Whenever a person has submitted payment of premium for the purchase of drought insurance described in clause (b) of Class 3 of Section 4 of this Code to an insurer or one of its subsidiaries, employees, agents, or producers, the insurer shall have a duty, within 10 business days of receipt of such premium payment, to either:

(a)refund the premium payment in full; or (b) accept the premium payment, and provide to the person who has offered such payment policy coverage in full conformity with representations of any application, declaration, binder, or contract of policy coverage issued by the insurer or one of its subsidiaries, employees, agents or producers. This Section shall not apply to insurance provided, guaranteed or reinsured pursuant to the Federal Crop Insurance Program.

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Whenever a person has submitted payment of premium for the purchase of drought insurance described in clause (b) of Class 3 of Section 4 of this Code to an insurer or one of its subsidiaries, employees, agents, or producers, the insurer shall have a duty, within 10 business days of receipt of such premium payment, to either: (a) refund the premium payment in full; or (b) accept the premium payment, and provide to the person who has offered such payment policy coverage in full conformity with representations of any application, declaration, binder, or contract of policy coverage issued by the insurer or one of its subsidiaries, employees, agents or producers. This Section shall not apply to insurance provided, guaranteed or reinsured pursuant to the Federal Crop Insurance Program.