Illinois Compiled Statutes 215 Insurance: Article XXXIV - Illinois Insurance Guaranty Fund

• Illinois Insurance Code. - 215 ILCS 5, Section 532
  Purpose. The purpose of this Article is to provide a mechanism for the payment of covered claims under certain insurance policies, to avoid excessive...
• Illinois Insurance Code. - 215 ILCS 5, Section 533
  Scope. This Article applies to all of the kinds of insurance written on a direct basis which are included in Class 2 and Class...
• Illinois Insurance Code. - 215 ILCS 5, Section 534
  Definitions. For the purposes of this Article, unless the context requires otherwise, the words and phrases defined in Sections 534.1 through 534.8 have the...
• Illinois Insurance Code. - 215 ILCS 5, Section 534.1
  "Fund" means the Illinois Insurance Guaranty Fund created by this Article. (Source: P.A. 77-305.)
• Illinois Insurance Code. - 215 ILCS 5, Section 534.2
  "Director" means the Director of Insurance of the State of Illinois. (Source: P.A. 77-305.)
• Illinois Insurance Code. - 215 ILCS 5, Section 534.3
  Covered claim; unearned premium defined. (a) "Covered claim" means an unpaid claim for a loss arising out of and within the coverage of an...
• Illinois Insurance Code. - 215 ILCS 5, Section 534.4
  "Insolvent company" means a company organized as a stock company, mutual company, reciprocal or Lloyds (a) which holds a certificate of authority to transact...
• Illinois Insurance Code. - 215 ILCS 5, Section 534.5
  Member company. "Member Company" means any insurance company organized as a stock company, mutual company, reciprocal or Lloyds, which holds a certificate of authority...
• Illinois Insurance Code. - 215 ILCS 5, Section 534.6
  "Net direct written premiums" means direct gross premiums written in this State on insurance policies to which this Article applies, less return premiums thereon...
• Illinois Insurance Code. - 215 ILCS 5, Section 534.7
  Affiliate. An "affiliate" of a specified person means a person who directly, or indirectly through one or more intermediaries, controls, is controlled by, or...
• Illinois Insurance Code. - 215 ILCS 5, Section 534.8
  "Control" means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person,...
• Illinois Insurance Code. - 215 ILCS 5, Section 535
  Creation of the Fund. There is created a nonprofit unincorporated legal entity to be known as the Illinois Insurance Guaranty Fund. All member companies...
• Illinois Insurance Code. - 215 ILCS 5, Section 536
  Board of Directors. (a) The board of directors of the Fund shall consist of not less than 5 nor more than 10 persons, with one...
• Illinois Insurance Code. - 215 ILCS 5, Section 537
  Duties and obligations of the Fund. The Fund shall have the duties and obligations enumerated in Sections 537.1 through 537.9. (Source: P.A. 82-210.)
• Illinois Insurance Code. - 215 ILCS 5, Section 537.1
  The Fund may provide for an equal annual fee of all member companies on a non-pro rata basis to provide for contingent expenses of...
• Illinois Insurance Code. - 215 ILCS 5, Section 537.2
  Obligation of Fund. The Fund shall be obligated to the extent of the covered claims existing prior to the entry of an Order of Liquidation...
• Illinois Insurance Code. - 215 ILCS 5, Section 537.3
  Access to insolvent company records. The liquidator of an insolvent company shall permit access by the Fund or its authorized representatives, and by any...
• Illinois Insurance Code. - 215 ILCS 5, Section 537.4
  Fund assumes obligations of insolvent companies. The Fund shall be deemed the insolvent company to the extent of the Fund's obligation for covered claims...
• Illinois Insurance Code. - 215 ILCS 5, Section 537.6
  Allocation of claims; assessments. The Fund shall allocate covered claims paid and expenses incurred between the accounts established by Section 535 separately, and assess...
• Illinois Insurance Code. - 215 ILCS 5, Section 537.7
  Investigation of claims; disposition. (a) The Fund shall investigate claims brought against the Fund and adjust, compromise, settle, and pay covered claims to the...
• Illinois Insurance Code. - 215 ILCS 5, Section 537.9
  The Fund shall handle claims through its employees or through one or more companies or other persons employed as servicing facilities. (Source: P.A. 85-576.)
• Illinois Insurance Code. - 215 ILCS 5, Section 538
  Powers of the Fund. The Fund shall have the powers enumerated in Sections 538.1 through 538.8. (Source: P.A. 77-305.)
• Illinois Insurance Code. - 215 ILCS 5, Section 538.1
  The Fund may appear in, defend and appeal any action on a claim brought against it on a covered claim. (Source: P.A. 77-305.)
• Illinois Insurance Code. - 215 ILCS 5, Section 538.2
  The Fund may employ or retain such persons as are necessary to handle claims and perform other duties of the Fund. (Source: P.A. 77-305.)
• Illinois Insurance Code. - 215 ILCS 5, Section 538.3
  The Fund may borrow an amount of money necessary to effect the purposes of this Article in accord with the plan of operation. (Source:...
• Illinois Insurance Code. - 215 ILCS 5, Section 538.4
  Legal actions by Fund. The Fund may sue or be sued, including taking any legal actions necessary or proper for recovery of any unpaid...
• Illinois Insurance Code. - 215 ILCS 5, Section 538.5
  The Fund may negotiate and become a party to such contracts as are necessary to carry out the purposes of this Article. (Source: P.A.
• Illinois Insurance Code. - 215 ILCS 5, Section 538.7
  The Fund may perform such other acts as are necessary or proper to effectuate the purposes of this Article. (Source: P.A. 82-210.)
• Illinois Insurance Code. - 215 ILCS 5, Section 538.8
  (a) If, at any time, the board of directors finds that the assets of the Fund in any account exceed the liabilities and expected...
• Illinois Insurance Code. - 215 ILCS 5, Section 539
  Plan of operation. (a) The Fund shall submit to the Director a plan of operation and any amendments thereto necessary or suitable to assure...
• Illinois Insurance Code. - 215 ILCS 5, Section 540
  The plan of operation shall do the following as enumerated in Sections 540.1 through 540.9. (Source: P.A. 77-305.)
• Illinois Insurance Code. - 215 ILCS 5, Section 540.1
  The plan of operation shall establish the procedures whereby all the powers and duties of the Fund under Sections 537.1 through 537.9 will be...
• Illinois Insurance Code. - 215 ILCS 5, Section 540.2
  The plan of operation shall establish procedures for handling assets of the Fund. (Source: P.A. 77-305.)
• Illinois Insurance Code. - 215 ILCS 5, Section 540.3
  The plan of operation shall establish the amount and method of reimbursing members of the board of directors under subsection (c) of Section 536....
• Illinois Insurance Code. - 215 ILCS 5, Section 540.5
  (a) A covered claim, for other than unearned premium, is a claim which appears on the books and records of the insolvent company as...
• Illinois Insurance Code. - 215 ILCS 5, Section 540.6
  The plan of operation shall provide that any member company aggrieved by any final action or decision of the Fund may appeal to the...
• Illinois Insurance Code. - 215 ILCS 5, Section 540.7
  The plan of operation shall establish the procedures whereby selections for the board of directors will be submitted to the Director. (Source: P.A. 77-305.)
• Illinois Insurance Code. - 215 ILCS 5, Section 540.8
  The plan of operation shall establish the procedures for disposition of monies reimbursed from the estate of the insolvent company. (Source: P.A. 85-576.)
• Illinois Insurance Code. - 215 ILCS 5, Section 540.9
  The plan of operation may contain additional provisions necessary or proper for the execution of the powers, duties and obligations of the Fund. (Source:...
• Illinois Insurance Code. - 215 ILCS 5, Section 541
  The plan of operation may provide that any or all powers and duties of the Fund, except those under Sections 537.6 and 538.3 may...
• Illinois Insurance Code. - 215 ILCS 5, Section 543
  Duties and obligations of the Director. The Director shall have the duties and obligations enumerated in Sections 543.1 through 543.3. (Source: P.A. 77-305.)
• Illinois Insurance Code. - 215 ILCS 5, Section 543.1
  The Director shall serve a copy of the complaint seeking an Order of Liquidation with a finding of insolvency against a domestic member company...
• Illinois Insurance Code. - 215 ILCS 5, Section 543.2
  The Director shall, upon request of the board of directors, provide the Fund with a statement of the net direct written premiums of each...
• Illinois Insurance Code. - 215 ILCS 5, Section 543.3
  The liquidator of an insolvent company shall notify the policyholders of the insolvent company who are residents of this State of the entry of...
• Illinois Insurance Code. - 215 ILCS 5, Section 544
  Powers of the Director. The Director shall either (a) suspend or revoke, after notice and hearing pursuant to Sections 401, 402 and 403 of...
• Illinois Insurance Code. - 215 ILCS 5, Section 545
  Effect of paid claims. (a) Every insured or claimant seeking the protection of this Article shall cooperate with the Fund to the same extent as...
• Illinois Insurance Code. - 215 ILCS 5, Section 546
  Other insurance. (a) An insured or claimant shall be required first to exhaust all coverage provided by any other insurance policy, regardless of whether...
• Illinois Insurance Code. - 215 ILCS 5, Section 547
  Prevention of insolvencies. To aid in the detection and prevention of company insolvencies: (a) The board of directors may, upon majority vote, make recommendations...
• Illinois Insurance Code. - 215 ILCS 5, Section 548
  Examination of the Fund. The Fund shall be subject to examination and regulation by the Director. The board of directors shall, not later than...
• Illinois Insurance Code. - 215 ILCS 5, Section 549
  Tax exemption. The Fund shall be exempt from payment of all fees and all taxes levied by this State or any of its subdivisions....
• Illinois Insurance Code. - 215 ILCS 5, Section 550
  Immunity. There shall be no liability on the part of and no cause of action of any nature shall arise against any member company,...
• Illinois Insurance Code. - 215 ILCS 5, Section 551
  Stay of proceedings. All proceedings arising out of a claim under a policy of insurance written by an insolvent company shall be stayed for...
• Illinois Insurance Code. - 215 ILCS 5, Section 552
  All provisions of this Article shall be interpreted in accordance with and pursuant to those Sections of Article XIII of this Code which may...
• Illinois Insurance Code. - 215 ILCS 5, Section 553
  Severability. If any provision of this Article or the application thereof to any claimant, company or circumstance is held invalid, such invalidity does not...

Last modified: February 18, 2015