Illinois General Assembly - Illinois Compiled Statutes

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215 ILCS 5/546

(215 ILCS 5/546) (from Ch. 73, par. 1065.96)

Sec. 546. Other insurance.

(a) An insured or claimant shall be required first to exhaust all
coverage provided by any other insurance policy, regardless of whether or not
such other insurance policy was written by a member company, if the claim under
such other policy arises from the same facts, injury, or loss that gave rise to
the covered claim against the Fund.  The Fund's obligation under Section 537.2
shall be reduced by the amount recovered or recoverable, whichever is greater,
under such other insurance policy.  Where such other insurance policy provides
uninsured
or underinsured motorist coverage, the amount recoverable shall be deemed to be
the full applicable limits of such coverage.  To the extent that the Fund's
obligation under Section 537.2 is reduced by application of this Section, the
liability of the person insured by the insolvent insurer's policy for the claim
shall be reduced in the same amount. If the Fund pays a covered claim without the exhaustion of all other coverage that could have been exhausted under this Section, the Fund shall have an independent right of recovery against each insurer whose coverage was not exhausted in the amount the Fund would not have had to pay if that insurer's coverage had been exhausted first.

(b) Any insured or claimant having a claim which may be recovered under more
than one insurance guaranty fund or its equivalent shall seek recovery
first from the Fund of the place of residence of the insured except that
if it is a first party claim for damage to property with a permanent
location, he shall first seek recovery from the Fund of the location of
the property; if it is a workers' compensation claim, he shall first
seek recovery from the Fund of the residence of the claimant. Any
recovery under this Article shall be reduced by the amount of the
recovery from any other insurance guaranty fund or its equivalent.

(Source: P.A. 99-387, eff. 8-17-15.)