IL SB1782

Amends the Illinois Insurance Code to clarify that the state insurance guaranty fund's subrogation and reimbursement rights are not limited to those of the insolvent insurer, but are determined independently under Section 546.

Establishes that if the fund pays a covered claim without exhausting all other available insurance coverage, the fund gains an independent right to recover from insurers whose coverage was not exhausted.

Requires insureds or claimants to exhaust all coverage from other insurance policies before the fund pays, with the fund's obligation reduced by amounts recovered or recoverable under other policies.

Applies the amendments to pending actions as well as actions commenced on or after the effective date of the act.

Takes effect upon becoming law.