Bill Title: Amends the Illinois Insurance Guaranty Fund Article of the Illinois Insurance Code. Provides that when a policy obligation is assumed or allocated through merger, division, insurance business transfer, consolidation, or reinsurance, nothing in the definition of "insolvent company" shall be construed to create Illinois Insurance Guaranty Fund coverage if none existed at the time of assumption or allocation or to destroy Illinois Insurance Guaranty Fund coverage if it existed at the time of assumption or allocation. Effective immediately.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2024-08-09 - Public Act . . . . . . . . . 103-0815 [HB4367 Detail]

Text: Latest bill text (Chaptered) [HTML]

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