215 ILCS 5/107a.13
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article V 3/4 - Group Workers' Compensation; Pools; Pooling; Insolvency Fund

Sec. 107a.13.     Group Workers' Compensation Pool Insolvency Fund.(a) All qualified group workers' compensation pools shall pay a sum equal to  0.5% of  all  compensation and medical service payments made under either the Workers'  Compensation Act or the  Workers'  Occupational Diseases Act during the 6 months immediately preceding the date of  payment, into  the Group Workers' Compensation Pool Insolvency Fund, the successor fund to the  Group Self-Insurers' Insolvency Fund.  On the effective  date of this amendatory Act of the 91st General Assembly, all moneys in the  Group Self-Insurers' Insolvency Fund shall be transferred into the Group  Workers' Compensation Pool Insolvency Fund.(b) The State Treasurer is ex-officio custodian of the Group Workers'  Compensation Pool  Insolvency Fund. Moneys in the Fund shall be deposited the same as are State  funds and any interest  accruing on moneys in the Fund shall be added to the Fund every 6 months. The  Fund shall be  subject to audit the same as State funds and accounts and shall be protected by  the general bond  given by the State Treasurer. The Fund shall be considered always appropriated  for the purposes of  compensating employees who are eligible to receive benefits from their  employers pursuant to the  provisions of the Workers' Compensation Act or Workers' Occupational Diseases  Act when their  employer is a member of a qualified group workers' compensation pool and the  qualified group  workers' compensation  pool has become unable to pay compensation and medical service payments due to  financial insolvency either  prior to or following  the date of award. Moneys in the Fund may be used to compensate any type of  injury or occupational  disease that is compensable under either the Workers' Compensation Act or the  Workers'  Occupational Diseases Act. The State Treasurer shall be joined with the  qualified group  workers'  compensation pool as party respondent in any claim or application for  adjustment of claim filed  against a qualified group workers' compensation pool whenever the compensation  and  medical services  provided pursuant to this Article may be unpaid by reason of default of an  insolvent qualified group workers'  compensation pool.(c) Payment shall be made out of the Group Workers' Compensation Pool  Insolvency Fund  only upon order of the Director and only after the penal sum of the fidelity  bond and securities, if any, has  been exhausted. It shall be the obligation of a qualified group workers'  compensation  pool or its successor to  make arrangements to repay the Group Workers' Compensation Pool Insolvency Fund  for all  moneys paid out in its behalf. The Director is authorized to make arrangements  with the qualified group  workers' compensation pool as to terms of repayment. The obligations of  qualified group  workers'  compensation pools to make contributions to the Group Workers' Compensation  Pool Insolvency  Fund shall be waived on any January 1 or July 1, if the Fund has a positive  balance of at least  $2,000,000 on the date one month prior to the date of payment.    (Source: P.A. 91-757, eff. 1-1-01.)