IL SB3825

Creates the Workers' Compensation Insurance State Fund as an independent body corporate to insure employers against workers' compensation liability.

Fund consists of premiums, penalties, property, securities, and interest earned, administered by the Department of Insurance without state liability.

Director of Insurance appoints 5 board members (first 2 serve 2-year terms, remaining 3 serve 4-year terms; thereafter all serve 4-year terms) and designates a chairman.

Board of directors appoints a fund manager and other officers/employees, and must ensure the fund operates as an efficient insurance company while remaining actuarially sound.

Fund is subject to Illinois Insurance Code provisions and deemed a mutual insurer for regulatory purposes.