IL INSURANCE GUARANTY FUND House SponsorsRep. Michael Halpin Senate Sponsors(Sen. John G. Mulroe) 7/12/2019HousePublic Act . . . . . . . . . 101-0060 215 ILCS 5/534.3from Ch. 73, par. 1065.84-3215 ILCS 5/537.6from Ch. 73, par. 1065.87-6215 ILCS 5/537.7from Ch. 73, par. 1065.87-7215 ILCS 5/538.3from Ch. 73, par. 1065.88-3215 ILCS 5/538.4from Ch. 73, par. 1065.88-4215 ILCS 5/538.9 new215 ILCS 5/545from Ch. 73, par. 1065.95 Amends the Illinois Insurance Guaranty Fund Article of the Illinois Insurance Code. Provides that a "covered claim" does not include a claim for fines and penalties paid to government authorities. Provides that the board of directors of the Illinois Insurance Guaranty Fund has the authority to assess to pay off a loan necessary to pay covered claims. Provides that if the loan is projected to be outstanding for 3 years or more, the board of directors has the authority to increase the assessment to 3% of net direct written premiums for the previous year until the loan has been paid in full. Makes changes in provisions that specify conditions under which the Fund is bound by certain settlements, releases, compromises, waivers, and final judgments. Provides that the Fund may also take legal action to recover from insurers and insureds in certain circumstances. Provides that the Fund may bring an action against certain third-party representatives of an insolvent insurer to obtain custody and control of all claim information related to the insolvent company. Provides that any person recovering under the Article and any insured whose liabilities are satisfied under the Article shall be deemed to have assigned the person's or insured's rights under the policy to the Fund to the extent of his or her recovery or satisfaction obtained from the Fund's payments. Provides that the Fund may also pay certain workers' compensation claims or any other third-party claims covered by a policy of an insolvent company on behalf of a high net worth insured and may recover from the high net worth insured through any action necessary to collect the full amount to the Fund's reimbursement. Effective immediately.House Floor Amendment No. 2 In provisions concerning actions regarding insolvent company records, provides that the Illinois Insurance Guaranty Fund has the absolute right through emergency equitable relief to obtain custody and control of certain claims information in possession of certain third-party administrators, agents, attorneys, or other representatives of an insolvent insurer (rather than the absolute right through emergency equitable relief to obtain custody and control of certain third-party administrators, agents, attorneys, or other representatives of an insolvent insurer).House Floor Amendment No. 3 Provides that the Illinois Insurance Guaranty Fund shall recover (rather than may recover) from the high net worth insured for all amounts paid on its behalf, all allocated claim adjusted expenses related to such claims, the Fund's attorney's fees, and all court costs in any action necessary to collect the full amount to the Fund's reimbursement. Makes a grammatical change. 2/6/2019HouseFiled with the Clerk by Rep. Jay Hoffman 2/7/2019HouseFirst Reading 2/7/2019HouseReferred to Rules Committee 2/19/2019HouseAssigned to Insurance Committee 2/21/2019HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Jay Hoffman 2/21/2019HouseHouse Committee Amendment No. 1 Referred to Rules Committee 2/26/2019HouseDo Pass / Short Debate Insurance Committee; 020-000-000 2/26/2019HouseHouse Committee Amendment No. 1 Tabled Pursuant to Rule 40 2/28/2019HousePlaced on Calendar 2nd Reading - Short Debate 3/1/2019HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Jay Hoffman 3/1/2019HouseHouse Floor Amendment No. 2 Referred to Rules Committee 3/5/2019HouseHouse Floor Amendment No. 2 Recommends Be Adopted Rules Committee; 004-000-000 4/2/2019HouseHouse Floor Amendment No. 3 Filed with Clerk by Rep. Jay Hoffman 4/2/2019HouseHouse Floor Amendment No. 3 Referred to Rules Committee 4/3/2019HouseChief Sponsor Changed to Rep. Michael Halpin 4/10/2019HouseHouse Floor Amendment No. 3 Rules Refers to Insurance Committee 4/10/2019HouseSecond Reading - Short Debate 4/10/2019HouseHeld on Calendar Order of Second Reading - Short Debate 4/11/2019HouseHouse Floor Amendment No. 3 Recommends Be Adopted Insurance Committee; 019-000-000 4/11/2019HouseHouse Floor Amendment No. 2 Adopted 4/11/2019HouseHouse Floor Amendment No. 3 Adopted 4/11/2019HousePlaced on Calendar Order of 3rd Reading - Short Debate 4/11/2019HouseThird Reading - Short Debate - Passed 113-000-000 4/12/2019SenateArrive in Senate 4/12/2019SenatePlaced on Calendar Order of First Reading 4/12/2019SenateChief Senate Sponsor Sen. John G. Mulroe 4/12/2019SenateFirst Reading 4/12/2019SenateReferred to Assignments 4/24/2019SenateApproved for Consideration Assignments 4/24/2019SenatePlaced on Calendar Order of 2nd Reading April 30, 2019 5/8/2019SenateSecond Reading 5/8/2019SenatePlaced on Calendar Order of 3rd Reading May 9, 2019 5/9/2019SenateThird Reading - Passed; 052-000-000 5/9/2019HousePassed Both Houses 6/7/2019HouseSent to the Governor 7/12/2019HouseGovernor Approved 7/12/2019HouseEffective Date July 12, 2019 7/12/2019HousePublic Act . . . . . . . . . 101-0060