Illinois HB 4744: PROP CONTROL-TRANSFER SURPLUS

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB4744

Introduced , by Rep. Jay Hoffman 

SYNOPSIS AS INTRODUCED:

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

215 ILCS 5/538.7 from Ch. 73, par. 1065.88-7

215 ILCS 5/545 from Ch. 73, par. 1065.95

 Amends the Illinois Insurance Guaranty Fund Article of the Illinois Insurance Code. Provides that certain provisions concerning the purpose of the Article and the Illinois Insurance Guaranty Fund's power to contract with the Office of Special Deputy Receiver are inoperative 5 years after the effective date of the amendatory Act (instead of 5 years after the effective date of Public Act 102-396). Provides that venue in a suit against the Fund arising under the Article shall be in Cook County, and the Fund shall not be required to give any appeal bond in an appeal that relates to a cause of action under the Article. Effective immediately.

LRB104 17518 BAB 30945 b

A BILL FOR

HB4744LRB104 17518 BAB 30945 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 cover