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The Foreign Fire Insurance Board consists of six members elected by the sworn members of the Village Fire & Emergency Medical Services. The Fire Chief serves as the seventh member of the Board. The members of the Board serve a one-year term. The Foreign Fire Insurance Board manages and administers the money in the Foreign Fire Insurance Fund. Pursuant to state law, the Foreign Fire Insurance Fund receives its monies from a state fee imposed on fire insurance policies written by insurance companies domiciled outside of the State of Illinois. The Foreign Fire Insurance Board meets annually, no later than November 1 of each year.