CORPORATE OPPORTUNITIES

Summary

The measure amends the Illinois Business Corporation Act to require directors, officers, key employees, and other fiduciaries to offer any corporate opportunity to the corporation first, and only take it if the corporation, via a disinterested board or shareholders, declines. It also revises the Illinois Insurance Code, setting notice requirements for non‑renewal of policies and establishing standards for fire and extended‑coverage insurance rates. The changes aim to protect corporate assets and improve consumer protections in insurance.

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