Illinois § 547
Full text of Illinois Illinois Compiled Statutes § 547, with citation guidance and answers to common questions.
§ 547.
Prevention of insolvencies. To aid in the detection and prevention of company insolvencies: (a) The board of directors may, upon majority vote, make recommendations to the Director on matters pertaining to regulation for solvency. (b) The board of directors may prepare a report on the history and causes of any company insolvency in which the Fund was obligated to pay covered claims, based on the information available to the Fund, and submit such report to the Director. (c) The Director may disclose to the Fund the information described in subsection (g) of Section 132.5 as well as the information described in subsection (c) of Section 131.22, and the Fund may use that information to prepare for the possible liquidation of a member company subject to the requirements and restrictions set forth in Section 132.5. (Source: P.A. 102-929, eff. 5-27-22.)
Frequently Asked Questions About Illinois § 547
What does Illinois Compiled Statutes § 547 cover?
Section 547 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 § 547?
A common citation format is "Illinois Compiled Statutes § 547" (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 § 547 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.