A foreign fire insurance board is a seven-member board that manages and administers money in the Foreign Fire Insurance Fund. The board's purpose is to: 

• Adopt rules and procedures
• Maintain, use, and benefit the fire department
• Authorize the disbursement of foreign fire insurance tax revenue
• Spend foreign fire insurance tax revenue

The board is created by and among the sworn members of the fire department of each district. The board consists of seven trustees, including the fire chief, and six members elected at large. 

Illinois Public Act 102-0740 requires all insurance companies that provide fire insurance for property in an Illinois municipality to remit a foreign fire insurance license fee.