|Public Act 099-0387|
|SB1782 Enrolled||LRB099 07860 MLM 27996 b|
AN ACT concerning insurance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Illinois Insurance Code is amended by
changing Sections 537.4 and 546 as follows:
(215 ILCS 5/537.4)
(from Ch. 73, par. 1065.87-4)
Fund assumes obligations of insolvent
shall be deemed the insolvent company to
of the Fund's obligation for covered claims and to
shall have all
rights, duties, and obligations of
the insolvent company, subject to the
limitations provided in
this Article, as if the company had not become
exception that the liquidator shall retain the sole right
to recover any reinsurance proceeds.
The Fund's rights under
this Section include, but are not limited to, the
pursue and retain salvage and subrogation recoveries on paid
claim obligations to the extent paid by the Fund.
extent of the Fund's subrogation rights and any other rights of
reimbursement with respect to its covered claims payments shall
not be limited as if the Fund were the insolvent company, but
shall be determined independently by taking into account the
Fund's rights under Section 546 of this Article.
(Source: P.A. 89-97, eff. 7-7-95.)