Illinois Compiled Statutes 215 ILCS 5 Illinois Insurance Code. Section 535

    (215 ILCS 5/535) (from Ch. 73, par. 1065.85)

    Sec. 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 as defined in Section 534.5 shall be and remain members of the Fund as a condition of their authority to transact business in this State. The Fund shall perform its functions under a plan of operation established and approved under Section 539 and shall exercise its powers through a board of directors established under Section 536. For purposes of administration and assessment, the Fund shall be divided into 2 separate accounts: (a) the automobile insurance account; and (b) the account for all other insurance to which this Article applies, including Workers' Compensation.

(Source: P.A. 85-576.)

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Last modified: February 18, 2015