Illinois Compiled Statutes
215 ILCS 5/535 (2026)
Creation of the Fund
✓ current as of May 2026
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(215 ILCS 5/535)
(from Ch. 73, par. 1065.85)
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.
(Source: P.A. 85-576.)
Notes of Decisions
Cited in 8
cases (1 in the last 5 years), 1997–2025 · leading case: Roth v. Illinois Ins. Guar. Fund, 852 N.E.2d 289 (Ill. App. Ct. 2006).
Roth v. Illinois Ins. Guar. Fund, 852 N.E.2d 289 (Ill. App. Ct. 2006). “Thereafter, plaintiff submitted a claim to the Fund, a nonprofit entity created by article 34 of the Illinois Insurance Code (Insurance Code) (215 ILCS 5/535 (West 2004)), for the $20,000 limits of Bryant’s policy with Valor.”
Skokie Castings, Inc. v. Illinois Ins. Guar. Fund, 2013 IL 113873 (Ill. 2013). “5 (West 2010)) and must remain so as a condition of their doing business here (215 ILCS 5/535 (West 2010)). Home Insurance Company was such a member.”
Skokie Castings, Inc. v. Illinois Ins. Guar. Fund, 2013 IL 113873 (Ill. 2013). “5 (West 2010)) and must remain so as a condition of their doing business here (215 ILCS 5/535 (West 2010)). Home Insurance Company was such a member.”
Cmty. Unit Sch. Dist. 200 v. Illinois Ins. Guar. Fund, 832 N.E.2d 472 (Ill. App. Ct. 2005). “The legislature created the Fund (215 ILCS 5/535 (West 2002)) to “provide a mechanism for the payment of covered claims under certain insurance policies, to avoid excessive delay in payment, [and] to avoid financial loss to claimants of policyholders because of the entry of an…”
Illinois Ins. Guar. Fund v. Priority Transp., Inc., 2025 IL App (1st) 240058-U (Ill. App. Ct. 2025). “See 215 ILCS 5/535 (West 2022). The Fund was designed to serve as a safety net, “to protect policyholders of insolvent insurers and third parties who make claims under policies issued by insurers that become insolvent.”
Cmty. Unit Sch. Dist. 200 v. Illinois Ins. Guar. Fund (Ill. App. Ct. 2005). “The legislature created the Fund (215 ILCS 5/535 (West 2002)) to "provide a mechanism for the payment of covered claims under certain insurance policies, to avoid excessive delay in payment, [and] to avoid financial loss to claimants of policyholders because of the entry of an…”
Roth v. Illinois Ins. Guar. Fund (Ill. App. Ct. 2006). “Thereafter, plaintiff submitted a claim to the Fund, a nonprofit entity created by article 34 of the Illinois Insurance Code (Insurance Code) (215 ILCS 5/535 (West 2004)) for the $20,000 limits of Bryant's policy with Valor.”
Lawrence v. Illinois Life & Health Guar. Ass'n (Ill. App. Ct. 1997). “The fund, which is administered by a board of directors (215 ILCS 5/535 (West 1996)), guarantees coverage to Illinois policyholders of financially impaired insurance companies (215 ILCS 5/532 (West 1996)).”
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