IL SB1873

Changes the deadline for group workers' compensation pools to comply with Article III of the Illinois Insurance Code from December 31, 2000 to December 31, 2015.

Prohibits the Director of Insurance from issuing new certificates of authority to group workers' compensation pools after the effective date of this amendment.

Converts existing certificates of authority issued to group self-insurers under the Workers' Compensation Act into certificates under the Illinois Insurance Code, provided they meet Article III requirements.

Transfers all moneys from the Group Workers' Compensation Pool Insolvency Fund to the Illinois Insurance Guaranty Fund and transfers prior liabilities to the Self-Insurers Security Fund.

Expands the definition of "private self-insurer" to include group self-insured employers and qualified group workers' compensation pools under the Illinois Insurance Code.