Illinois Insurance Guaranty Fund

“Members are the insurance companies licensed to write property/casualty insurance in the state of illinois.”

“Member companies elect directors at the annual meeting to serve three-year non-concurrent terms. The election is conducted on the basis of one vote for each member company. Vacancies on the board are filled by a person elected by the remaining directors for the balance of the term of the vacating director. All directors are subject to approval by the director of insurance of the state of illinois.”

“This applies only to the approval of directors. Upon election of the board of directors and upon filing a vacancy on the board, the organization notifies the director of insurance and requests written approval. If within ten days following such notification and request the director does not approve or disapprove the directors elected, the directors shall be deemed approved.”

“All committee meetings have counsel or management in attendance to advise on antitrust matters, but no formal minutes are maintained unless matters of significance are discussed. Committee deliberations and recommendations are fully reported to the board at the next meeting as appropriate.”

“The form 990 is prepared by a third-party consulting firm. After preperation, the form is provided to the illinois insurance guaranty fund (iigf) management for review. The form 990 is then reviewed by outside counsel. Following legal review, and prior to iigf's form 990 being filed by the third-party tax consultants with the internal revenue service, the audit committee performs the final review not less than seven days prior to filing. The audit committee also provides approval of the document on behalf of the board.”

“Directors, officers and key employees are required to submit compliance statements at the time of the annual meeting. The compliance statements are only subject to review by the legal committee of the board if there is a failure to comply or disclosure of non-compliance.”

“The administration committee of the board reviews salary increase recommendations for all staff. These recommendations are based on statistics from the u.s. Department of labor and other relevant salary forecasts, including a third party compensation study performed for the organization in its entirety during the 2024 calendar year. The committee reports to the board at the december meeting.”

“The administration committee of the board reviews salary increase recommendations for all staff. These recommendations are based on statistics from the u.s. Department of labor and other relevant salary forecasts, including a third party compensation study performed for the organization in its entirety during the 2024 calendar year. The committee reports to the board at the december meeting.”

“All governing documents and annual audited financial statements are on file with the organization's state regulator, the illinois department of insurance. The aforementioned items are available at the illinois department of insurance as public documents. The conflict of interest policy is available by contacting the illinois insurance guaranty fund.”

“To protect against loss by providing a mechanism to pay covered claims and return unearned premiums of policyholders, resulting from insolvent insurers and to assess the costs to companies holding a certificate of authority to transact insurance in the state of illinois.”