Illinois SB 3205: REGULATION-TECH

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 Full Text of SB3205

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 Senate Amendment 001 
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SB3205 EnrolledLRB104 17519 BAB 30946 b

1 AN ACT concerning regulation.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Insurance Code is amended by 

5changing Sections 532, 538.7, and 545 as follows:

6 (215 ILCS 5/532) (from Ch. 73, par. 1065.82)

7 Sec. 532. Purpose. 

8 (a) The purpose of this Article is to provide a mechanism 

9for the payment of covered claims under certain insurance 

10policies, to avoid excessive delay in payment of covered 

11claims, to avoid financial loss to claimants or policyholders 

12because of the entry of an Order of Liquidation against an 

13insolvent company, including through services offered to the 

14Director in her or his capacity as receiver under Article XIII 

15of this Code that relate to covered claims, to provide a Fund 

16to assess among member companies the costs of such protection 

17and maintain the continuity and self-sufficient operation of 

18the Fund, and to offset the costs associated with maintaining 

19the Fund's continuity and self-sufficient operations when 

20practical by providing assistance and services to the Director 

21in her or his capacity as receiver under Article XIII of this 

22Code as described in this Section.

23 (b) The purpose of this Article is also to provide a 

SB3205 Enrolled- 2 -LRB104 17519 BAB 30946 b

1mechanism for the Fund to participate in and facilitate the 

2process by which the assets of an insolvent company are 

3marshaled and distributed pursuant to Article XIII of this 

4Code beyond reimbursing the cost of covered claims. This