Senate Sponsors: MADIGAN,R. House Sponsors: TURNER,JOHN 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 END OF INQUIRY Full Text Bill Status