Amends the Illinois Insurance Guaranty Fund Article to adjust provisions concerning the Fund's power to contract and the effect of paid claims.
The bill amends the Illinois Insurance Guaranty Fund Article of the Illinois Insurance Code. It modifies the Fund's power to contract with the Office of Special Deputy Receiver or other authorized persons or entities to provide consulting and claims administration services. It also adjusts provisions concerning the effect of paid claims, including the liquidator's obligation to reimburse the Fund for expenses and the Fund's right to recover from certain persons the amount of any covered claims and allocated claims expenses.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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