92nd General Assembly
Summary of SB0941
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Short description: 
INS GUARANTY FUND CLAIMS                                                   

Synopsis of Bill as introduced:
        Amends the Illinois Insurance Code in relation  to  the  Illinois      
   Insurance  Guaranty  Fund.   Provides  that the Fund is not liable for      
   interest on judgments entered against an insured or insolvent company.      
   Increases from 1% to 2% of net direct written premium the maximum that      
   may be assessed upon a member company.  Limits the circumstances under      
   which the Fund is bound by actions on claims occurring before an order      
   of liquidation.  Limits to $10,000,000 the liability of the  Fund  for      
   payments to or on behalf of any insured on claims arising from any one      
   insolvent insurer.  Effective immediately.                                  
        SENATE AMENDMENT NO. 1.                                                
        Removes  provision  limiting  the  liability  of   the   Illinois      
   Insurance  Guaranty  Fund for payments for claims arising from any one      
   insolvent insurer to $10,000,000.  Provides that  the  Fund  shall  be      
   bound  by settlements, releases, and final judgments entered more than      
   12 months, rather  than  within  12  months,  prior  to  an  order  of      
   liquidation  if  the settlement, release, or judgment was not a result      
   of fraud.                                                                   
Last action on Bill: PUBLIC ACT.............................. 92-0077

   Last action date: JUL-12-2001

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   1


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