Illinois Compiled Statutes 215 ILCS 5/812.1 – Claim Payments
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Terms Used In Illinois Compiled Statutes 215 ILCS 5/812.1
- Fund: means the fund established by this Article. See Illinois Compiled Statutes 215 ILCS 5/802.1
- Insurers: means insurance companies and reciprocals licensed and authorized to write Class 3 policies of insurance, as defined in this Code, within Illinois. See Illinois Compiled Statutes 215 ILCS 5/802.1
The Residential or the Commercial Fund, as the case may be, shall reimburse insurers for all amounts due within 90 days after receiving adequate documentation, as set forth in the reinsurance agreement, the Plan of Operation or in the operating rules and procedures adopted by the Fund, that the insurer has properly paid the claim and is entitled to reimbursement by the Fund, subject to the limitations imposed by Section 806.1.