Illinois HB4744 amends the Illinois Insurance Guaranty Fund Article to modify the Fund's powers and obligations.
HB4744 amends the Illinois Insurance Guaranty Fund Article of the Illinois Insurance Code. It provides that the Illinois Insurance Guaranty Fund can contract with the Office of Special Deputy Receiver or any other person or organizations authorized by law to carry out the duties of the Director in her or his capacity as a receiver. The liquidator of an insolvent company shall be bound by determinations of covered claim eligibility under the Act and by settlements of claims made by the Fund or a similar organization in another state on the receipt of certification of such payments, to the.
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