(820 ILCS 305/4a-5)
(from Ch. 48, par. 138.4a-5)
There is hereby created a Self-Insurers Security Fund.
Treasurer shall be the ex-officio custodian of the Self-Insurers Security
Fund. Monies in the Fund shall be deposited in a separate account in the
same manner as are State Funds and any interest accruing thereon shall be
added thereto every 6 months. It shall be subject to audit the same as
State funds and accounts and shall be protected by the general bond given
by the State Treasurer. The funds in the Self-Insurers Security Fund shall
not be subject to appropriation and shall be made available for the
purposes of compensating employees who are eligible to receive benefits
from their employers pursuant to the provisions of the Workers'
Compensation Act or Workers' Occupational Diseases Act, when, pursuant to
this Section, the Board has determined that a private self-insurer has
become an insolvent self-insurer and is unable to pay compensation benefits
due to financial insolvency. Monies in the Fund may be used to compensate
any type of injury or occupational disease which is compensable under either
Act, and all claims for related administrative fees,
operating costs of the Board, attorneys fees, and other costs reasonably
incurred by the Board. Payment from the Self-Insurers Security Fund shall
be made by the Comptroller only upon the authorization of the Chairman as
evidenced by properly certified vouchers of the Commission, upon the
direction of the Board.
(Source: P.A. 85-1385.)