§ 547 — Prevention of insolvencies

Illinois § 547

• Jurisdiction: Illinois
• Topic: REGULATION
• Ch. 215: INSURANCE
• Act 215 ILCS 5/: Illinois Insurance Code.
• Art.: Article XXXIV - Illinois Insurance Guaranty Fund

Text

To aid in the detection and prevention of company insolvencies: (a) The board of directors may, upon majority vote, make recommendations to the Director on matters pertaining to regulation for solvency. (b) The board of directors may prepare a report on the history and causes of any company insolvency in which the Fund was obligated to pay covered claims, based on the information available to the Fund, and submit such report to the Director. (c) The Director may disclose to the Fund the information described in subsection (g) of Section 132.5 as well as the information described in subsection (c) of Section 131.22, and the Fund may use that information to prepare for the possible liquidation of a member company subject to the requirements and restrictions set forth in Section 132.5.

Legislative History

(Source: P.A. 102-929, eff. 5-27-22.)