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Illinois Compiled Statutes

Information maintained by the Legislative Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

INSURANCE
(215 ILCS 5/) Illinois Insurance Code.

215 ILCS 5/547

    (215 ILCS 5/547) (from Ch. 73, par. 1065.97)
    Sec. 547. Prevention of insolvencies. To aid in the detection and prevention of company insolvencies:
        (a) The board of directors may, upon majority vote,
    
make recommendations to the Director on matters pertaining to regulation for solvency.
        (b) The board of directors may prepare a report on
    
the history and causes of any company insolvency in which the Fund was obligated to pay covered claims, based on the information available to the Fund, and submit such report to the Director.
        (c) The Director may disclose to the Fund the
    
information described in subsection (g) of Section 132.5 as well as the information described in subsection (c) of Section 131.22, and the Fund may use that information to prepare for the possible liquidation of a member company subject to the requirements and restrictions set forth in Section 132.5.
(Source: P.A. 102-929, eff. 5-27-22.)

215 ILCS 5/548

    (215 ILCS 5/548) (from Ch. 73, par. 1065.98)
    Sec. 548. Examination of the Fund. The Fund shall be subject to examination and regulation by the Director. The board of directors shall, not later than April 30 of each year, submit a financial report for the preceding calendar year in a form approved by the Director.
(Source: P.A. 99-388, eff. 1-1-16.)

215 ILCS 5/549

    (215 ILCS 5/549) (from Ch. 73, par. 1065.99)
    Sec. 549. Tax exemption.
    The Fund shall be exempt from payment of all fees and all taxes levied by this State or any of its subdivisions.
(Source: P.A. 77-305.)

215 ILCS 5/550

    (215 ILCS 5/550) (from Ch. 73, par. 1065.100)
    Sec. 550. Immunity.
    There shall be no liability on the part of and no cause of action of any nature shall arise against any member company, the Fund or their agents or employees, the board of directors, or the Director or his representatives for any action taken or omitted by them in the performance of their powers and duties under this Article.
(Source: P.A. 77-305.)

215 ILCS 5/551

    (215 ILCS 5/551) (from Ch. 73, par. 1065.101)
    Sec. 551. Stay of proceedings. All proceedings arising out of a claim under a policy of insurance written by an insolvent company shall be stayed for 120 days from the date of the entry of the Order of Liquidation to permit proper defense by the Fund of all such pending causes of action.
(Source: P.A. 92-77, eff. 7-12-01.)

215 ILCS 5/552

    (215 ILCS 5/552) (from Ch. 73, par. 1065.102)
    Sec. 552. All provisions of this Article shall be interpreted in accordance with and pursuant to those Sections of Article XIII of this Code which may be applicable.
(Source: P.A. 85-576.)

215 ILCS 5/553

    (215 ILCS 5/553) (from Ch. 73, par. 1065.103)
    Sec. 553. Severability.
    If any provision of this Article or the application thereof to any claimant, company or circumstance is held invalid, such invalidity does not affect other provisions or applications of this Article which can be given effect without the invalid application or provision, and to this end the provisions of this Article are declared to be severable.
(Source: P.A. 77-305.)

215 ILCS 5/Art. XXXVIII

 
    (215 ILCS 5/Art. XXXVIII heading)
ARTICLE XXXVIII. (Repealed by P.A. 88-379)