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to either a commercial manual or a rating rule as filed with and | | approved by the Bureau of Insurance. Vehicle type and ownership | | are not the primary factors in either underwriting the coverage or | | rating the coverage. The rating may be subject to individual risk | | characteristics, including, but not limited to, experience rating, | | schedule rating, loss rating and deductible rating. |
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| | | Sec. 2. Effective date. This Act takes effect January 1, 2007. |
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| | | Current law requires an insurance company providing coverage | | for a vehicle in this State to notify the Secretary of State when | | that insurance coverage is cancelled or terminated or lapses. | | Beginning January 1, 2007, an insurance company or an insured is | | allowed to provide the Secretary of State with evidence of | | insurance via electronic means, the Internet, facsimile or U.S. | | mail or in person. |
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| | | This bill, beginning January 1, 2007, instead requires an | | insurance company that is beginning coverage on a motor vehicle | | in this State to provide the Secretary of State with notice of | | that coverage. The Secretary of State is required to reconcile a | | notice of cancellation, termination or lapse with a notice of new | | coverage. |
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