Illinois § 531.02
Full text of Illinois Illinois Compiled Statutes § 531.02, with citation guidance and answers to common questions.
§ 531.02.
Purpose. The purpose of this Article is to protect, subject to certain limitations, the persons specified in paragraph (1) of Section 531.03 against failure in the performance of contractual obligations, under life, health, and annuity policies, plans, or contracts and health or medical care service contracts specified in paragraph (2) of Section 531.03, due to the impairment or insolvency of the member insurer issuing such policies, plans, or contracts. To provide this protection, (1) an association of member insurers is created to enable the guaranty of payment of benefits and of continuation of coverages, (2) members of the Association are subject to assessment to provide funds to carry out the purpose of this Article, and (3) the Association is authorized to assist the Director, in the prescribed manner, in the detection and prevention of member insurer impairments or insolvencies. (Source: P.A. 100-687, eff. 8-3-18.)
Frequently Asked Questions About Illinois § 531.02
What does Illinois Compiled Statutes § 531.02 cover?
Section 531.02 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 531.02?
A common citation format is "Illinois Compiled Statutes § 531.02" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 531.02 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.