Illinois Compiled Statutes 215 Insurance: Article XXXIII 1/2 - Life and Health Insurance Guaranty Association

• Illinois Insurance Code. - 215 ILCS 5, Section 531.01
  Title.) This Article is known and may be cited as the Illinois Life and Health Insurance Guaranty Association Law. (Source: P.A. 81-899.)
• Illinois Insurance Code. - 215 ILCS 5, Section 531.01a
  Existing Liability. Any liabilities of the Association for any member company which was an insolvent insurer as defined by this Article prior to January...
• Illinois Insurance Code. - 215 ILCS 5, Section 531.02
  Purpose. The purpose of this Article is to protect, subject to certain limitations, the persons specified in paragraph (1) of Section 531.03 against failure...
• Illinois Insurance Code. - 215 ILCS 5, Section 531.03
  Coverage and limitations. (1) This Article shall provide coverage for the policies and contracts specified in paragraph (2) of this Section: (a) to persons who,...
• Illinois Insurance Code. - 215 ILCS 5, Section 531.04
  Construction. This Article shall be construed to effect the purpose under Section 531.02. (Source: P.A. 96-1450, eff. 8-20-10.)
• Illinois Insurance Code. - 215 ILCS 5, Section 531.05
  Definitions. As used in this Act: "Account" means either of the 3 accounts created under Section 531.06. "Association" means the Illinois Life and Health Insurance...
• Illinois Insurance Code. - 215 ILCS 5, Section 531.06
  Creation of the Association. There is created a non-profit legal entity to be known as the Illinois Life and Health Insurance Guaranty Association. All member...
• Illinois Insurance Code. - 215 ILCS 5, Section 531.07
  Board of Directors.) The board of directors of the Association consists of not less than 7 nor more than 11 members serving terms as established...
• Illinois Insurance Code. - 215 ILCS 5, Section 531.08
  Powers and duties of the Association. (a) In addition to the powers and duties enumerated in other Sections of this Article: (1) If a member...
• Illinois Insurance Code. - 215 ILCS 5, Section 531.09
  Assessments. (1) For the purpose of providing the funds necessary to carry out the powers and duties of the Association, the board of directors shall...
• Illinois Insurance Code. - 215 ILCS 5, Section 531.10
  Plan of Operation.) (1)(a) The Association must submit to the Director a plan of operation and any amendments thereto necessary or suitable to assure the...
• Illinois Insurance Code. - 215 ILCS 5, Section 531.11
  Duties and powers of the Director. In addition to the duties and powers enumerated elsewhere in this Article: (1) The Director must do all of...
• Illinois Insurance Code. - 215 ILCS 5, Section 531.12
  Prevention of Insolvencies. To aid in the detection and prevention of insurer insolvencies or impairments: (1) It shall be the duty of the Director: (a)...
• Illinois Insurance Code. - 215 ILCS 5, Section 531.13
  Tax offset. In the event the aggregate Class A, B and C assessments for all member insurers do not exceed $3,000,000 in any one...
• Illinois Insurance Code. - 215 ILCS 5, Section 531.14
  Miscellaneous Provisions. (1) Nothing in this Article may be construed to reduce the liability for unpaid assessments of the insured of an impaired or insolvent...
• Illinois Insurance Code. - 215 ILCS 5, Section 531.15
  Examination of the Association - Annual Report. The Association shall be subject to examination and regulation by the Director. The board of directors must...
• Illinois Insurance Code. - 215 ILCS 5, Section 531.16
  Tax Exemptions.) The Association is exempt from payment of all fees and all taxes levied by this State or any of its subdivisions, except...
• Illinois Insurance Code. - 215 ILCS 5, Section 531.17
  Immunity.) There is no liability on the part of and no cause of action of any nature may arise against any member insurer or...
• Illinois Insurance Code. - 215 ILCS 5, Section 531.18
  Stay of Proceedings - Reopening Default Judgments.) All proceedings in which the insolvent insurer is a party in any court in this State shall be...
• Illinois Insurance Code. - 215 ILCS 5, Section 531.19
  Prohibited advertisement of action of the Insurance Guaranty Association in sale of insurance. (a) No person, including an insurer, agent or affiliate of an...

Last modified: February 18, 2015