Illinois Compiled Statutes
215 ILCS 5/534.5 (2026)
Member company
✓ current as of May 2026
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(215 ILCS 5/534.5)
(from Ch. 73, par. 1065.84-5)
Sec. 534.5.
Member company.
"Member Company" means any insurance
company organized as a
stock company, mutual company, reciprocal or Lloyds, which holds a certificate
of authority to transact
any kind of insurance in this State to
which this Article applies, and which is either:
(a) a domestic insurance company formed before or after the
effective date of this Article; or
(b) a foreign or alien insurance company.
An insurance company shall cease to be a member company effective on the
day following the termination or expiration of its license to transact the
kinds of insurance to which this Article applies; provided, however, that the
insurance company shall remain liable as a member company for any and all
obligations, including obligations for assessments levied before the
termination or expiration of the insurance company's license and assessments
levied after the termination or expiration, based on any insolvency as to which
the determination of insolvency by a court of competent jurisdiction occurs
before the termination or expiration of the insurance company's license.
(Source: P.A. 89-97, eff. 7-7-95.)
Notes of Decisions
Cited in 5
cases, 1997–2013 · leading case: Hasemann v. White, 686 N.E.2d 571 (Ill. 1997).
Hasemann v. White, 686 N.E.2d 571 (Ill. 1997). “All insurance companies authorized to transact business in Illinois are members of the Fund (215 ILCS 5/534.5 (West 1994)), and each member company contributes to the Fund (215 ILCS 5/537.”
Liquidation of Pine Top Ins. v. Shapo, 749 N.E.2d 1011 (Ill. App. Ct. 2001). “The Guaranty Fund is comprised of companies licensed to transact insurance business in the State of Illinois (215 ILCS 5/534.5, 535 (West 1998)), and it assesses these member companies amounts necessary to pay its obligations (215 ILCS 5/537.”
Skokie Castings, Inc. v. Illinois Ins. Guar. Fund, 2013 IL 113873 (Ill. 2013). “All insurance companies authorized to transact business in Illinois are members of the Fund (215 ILCS 5/534.5 (West 2010)) and must remain so as a condition of their doing business here (215 ILCS 5/535 (West 2010)).”
In re Liquidation of Pine Top Ins. Co. (Ill. App. Ct. 2001). “The Guaranty Fund is comprised of companies licensed to transact insurance business in the state of Illinois (215 ILCS 5/534.5, 5/535 (West 1998)), and it assesses these member companies amounts necessary to pay its obligations (215 ILCS 5/537.”
Hasemann v. White (Ill. 1997). “All insurance companies authorized to transact business in Illinois are members of the Fund (215 ILCS 5/534.5 (West 1994)), and each member company contributes to the Fund (215 ILCS 5/537.”
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