IL SB2739

Amends the Illinois Insurance Code to authorize the Illinois Insurance Guaranty Fund to form and own a not-for-profit corporation to which it may delegate certain powers and duties.

The not-for-profit corporation may contract to provide services to the Office of Special Deputy Receiver, the Illinois Life and Health Insurance Guaranty Association, and similar organizations in other states.

The Fund may use the not-for-profit corporation as a servicing facility to handle claims and perform other Fund duties, as specified in the plan of operation.

The not-for-profit corporation may only contract for services upon the board of directors' written determination that doing so will advance the Fund's stated purposes, with Director approval required for contracts with similar out-of-state organizations.

Effective immediately upon becoming law.