Tax & Demo

Illinois Insurance Code 215 ILCS 3/397.1:

(215 ILCS 5/397.1) Sec. 397.1. Certificate regarding payment of taxes and expenses on property sustaining loss. Says (a) ”It shall be unlawful for any company contracting insurance business in this State to pay a claim of an insured property owner for loss by fire or explosion to a structure located in this State where the amount recoverable for loss to the structure under a policy exceeds $25,000.00, until the insurance company receives the certificate required by this Section. A notice, to the State’s Attorney of the county where the structure is located, of the insurers intent to pay a claim shall include the name of the property owner, the address of the property, its legal description, the permanent real estate index number that identifies the property for purposes of taxation, and the amount of the claim to be paid.”