Sec. 535. Creation of the Fund.
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/il/chapter-215/act-5/535A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 535. Creation of the Fund. There is created a nonprofit unincorporated legal entity to be known as the Illinois Insurance Guaranty Fund. All member companies as defined in Section 534.5 shall be and remain members of the Fund as a condition of their authority to transact business in this State. The Fund shall perform its functions under a plan of operation established and approved under Section 539 and shall exercise its powers through a board of directors established under Section 536. For purposes of administration and assessment, the Fund shall be divided into 2 separate accounts:
(a)the automobile insurance account; and
(b)the account for all other insurance to which this Article applies, including Workers' Compensation.