215 ILCS 5/537.2
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XXXIV - Illinois Insurance Guaranty Fund

 (from Ch. 73, par. 1065.87-2)Sec. 537.2. Obligation of Fund. The Fund shall be obligated to the  extent of the covered  claims existing prior to the entry of an Order of Liquidation against  an insolvent company and arising within  30 days after the entry of such  Order, or before the policy expiration date if less than 30 days after  the entry of such Order, or before the insured replaces the policy or on  request effects cancellation, if he does so within 30 days after the entry  of such Order. If the entry of an Order of Liquidation occurs on or after  October 1, 1975 and before October 1, 1977, such obligations shall not:  (i) exceed $100,000, or (ii)  include any obligation to refund the first $100 of any unearned premium  claim; and if the entry of an Order of Liquidation occurs on or after October  1, 1977 and before January 1, 1988, such obligations shall  not: (i) exceed  $150,000, except that this limitation shall not apply to any workers compensation  claims, or (ii)  include any obligation to refund the first  $100 of any unearned premium claim; and if the entry of an Order of  Liquidation occurs on or after January 1, 1988 and before January 1, 2011, such obligations shall not:  (i) exceed $300,000, except that this limitation shall not apply to any  workers compensation claims, or (ii) include any obligation to refund the  first $100 of any unearned premium claim or to refund any unearned premium  over $10,000 under any one policy. If the entry of an Order of Liquidation occurs on or after January 1, 2011, then such obligations shall not: (i) exceed $500,000, except that this limitation shall not apply to any workers compensation claims or (ii) include any obligation to refund the first $100 of any unearned premium claim or refund any unearned premium over $10,000 under any one policy. In no event shall the Fund be  obligated to a policyholder or claimant in an amount in excess  of the face amount of the policy from which the claim arises. For purposes of this Act, obligations arising under an insurance policy written to indemnify a permissibly self-insured employer under subsection (a) of Section 4 of the Workers' Compensation Act for its liability to pay workers' compensation benefits in excess of a specific or aggregate retention shall be subject to the applicable per-claim limits set forth in this Section.In no event  shall the Fund be liable for any interest on  any  judgment entered against the insured or the insolvent company, or for any  other  interest claim against the insured or the insolvent company, regardless of  whether the insolvent company would have been obligated to pay such interest  under the terms of its policy.  The Fund shall be liable for interest at the  statutory rate on money judgments entered against the Fund until the judgment  is satisfied.Any obligation of the Fund to defend an insured shall cease upon the  Fund's payment or tender of an amount equal to the lesser of the Fund's  covered claim obligation limit or the applicable policy limit.  (Source: P.A. 99-368, eff. 8-14-15.)