Illinois Insurance Guaranty Fund

What Illinois Insurance Guaranty Fund does

The Illinois Insurance Guaranty Fund (IIGF) is a non-profit organization created by Illinois statute in July 1971 that serves as the statutory safety net for Illinois property and casualty insurance policyholders. When a member insurance company becomes insolvent and is placed into liquidation, IIGF processes and pays covered claims — including auto, homeowner's, medical malpractice, and workers' compensation claims — on behalf of the failed insurer's policyholders. The organization also processes Unearned Premium (UEP) refund claims for cancelled policies and provides ongoing claim management for long-tail obligations such as lifetime workers' compensation cases (a 1993-vintage claim is referenced on the website as still active). Core product surface consists of five operational tools: covered-claims adjudication, an electronic UEP form, an existing-claim status portal, and two member-facing platforms (assessment portal and proxy voting portal) hosted at iigf.assessments.guarantysupport.com. The technology stack is standard business software for claims management and accounting; no proprietary AI, models, or platforms are disclosed.

IIGF does not sell to or solicit customers. Its revenue model is statutory assessments levied on active Illinois property and casualty member insurers, based on prior-year premium volume; these costs may be passed through to consumers via insurance premiums. The organization is governed by a ten-person Board of Directors — nine representatives from member insurance companies on staggered three-year terms plus one public member appointed by the Illinois Director of Insurance — and operates under a Plan of Operation that requires Director of Insurance approval for changes. Distribution occurs through the iigf.org website, a direct phone line (312-422-9700), online claim submission forms, and inbound referrals from regulators, liquidators (notably the Illinois Office of the Special Deputy Receiver), and member companies. IIGF works in coordination with national bodies including the National Conference of Insurance Guaranty Funds (NCIGF), the National Association of Insurance Commissioners (NAIC), and the International Association of Insurance Receivers (IAIR).

The organization has handled 100,000+ claims cumulatively and has assisted consumers from over 150 troubled insurance companies over 50+ years of uninterrupted operation, all from a single Chicago office (150 S Wacker Suite 2970) staffed by 13 full-time employees spanning claims, accounting, administration, and technology functions. There are no acquisitions, equity funding events, geographic expansions, or material leadership changes evident in the input data; the structure has been essentially unchanged since inception.

Name

Illinois Insurance Guaranty Fund

Legal name

Illinois Insurance Guaranty Fund

Website

https://iigf.org

Company type

Private

Founded year

1971

Operating status

Operating

Headcount range

11–50 employees

Short description

The Illinois Insurance Guaranty Fund is a statutory non-profit created by Illinois law in 1971 that pays covered property and casualty insurance claims for Illinois policyholders of insolvent member insurers, funded by assessments on member insurance companies.

Ownership category

akta.pro rank

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Insurance company assessments: IIGF is funded primarily through assessments paid by member insurance companies. These assessments are based on premiums written in the year prior to a liquidation or re-assessment. Member companies may pass these costs through to consumers via insurance premiums. No direct revenue is charged to claimants.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

IIGF is a non-profit statutory safety net created by Illinois legislation in 1971 that pays covered property and casualty insurance claims when member insurance companies become insolvent. The organization also processes Unearned Premium refunds for cancelled policies and provides online tools for claimants to check existing claim status. It operates an electronic form-based Unearned Premium (UEP) submission system and member company assessment portals to fund operations.

Product overview

IIGF is a non-profit organization created by Illinois statute in 1971 that acts as a safety net for Illinois property and casualty insurance policyholders when their insurance companies become insolvent. The organization offers covered claims handling services, unearned premium (UEP) claims processing through an electronic form system, and online claim status checking tools. Member insurance companies access assessment and premium reporting through dedicated web portals. IIGF processes various P&C insurance claims including auto, homeowner's, medical malpractice, and workers compensation.

Differentiator

Problem solved

Functional benefit

Products and services

• Covered Claims Handling Core statutory service that processes and pays covered property and casualty insurance claims (auto, homeowners, medical malpractice, workers compensation) when member insurance companies become insolvent and are placed into liquidation, providing protection to Illinois policyholders and claimants.
• Unearned Premium (UEP) Claims Processing Electronic form-based service for processing unearned premium refund claims for policyholders of liquidated insurance companies; available online or as a downloadable mail-in form.
• Existing Claims Status Checking Online step-by-step form-based service that allows claimants to check on the status of or submit new information regarding existing insurance claims being managed by IIGF.
• Member Companies Assessment Portal Online portal that allows member insurance companies to access statutory assessment information and submit premium reporting data used to calculate their assessments to IIGF.
• Member Companies Proxy Voting Portal Online portal functionality that enables member insurance companies to participate in IIGF Board of Directors elections through proxy voting.

Quantifiable outcome

• Over 50 years of continuous operation without interruption
• +3 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core.

• National Conference of Insurance Guaranty Funds (NCIGF)coreOthersNational organization representing state insurance guaranty funds; provides coordination and best practices across state guaranty associations; helps ensure consistent approaches to insurance company failures nationwide.
• National Association of Insurance Commissioners (NAIC)coreOthersStandard-setting organization for U.S. state insurance regulators; maintains NAIC numbers for identifying insurers; provides regulatory framework and coordination for insurance company supervision including insolvencies.
• Illinois Office of the Special Deputy ReceivercoreOthersState agency responsible for administering insurance company liquidations in Illinois; coordinates with IIGF to ensure timely claims processing and policyholder protection during liquidation proceedings.
• International Association of Insurance Receivers (IAIR)coreOthersProfessional organization for insurance receivers and liquidators; sets standards for receivership administration; facilitates coordination between guaranty funds and receivers handling insurer failures.
• Illinois Department of InsurancecoreOthersState agency that regulates insurance in Illinois; appoints the public member to IIGF's Board of Directors; approves changes to IIGF's Plan of Operation; oversees IIGF's audited financial statements.

Scale indicators4 records

Recent moves4 records

Expansion highlights3 records

Direct peers

• Massachusetts Insurers Insolvency Fund: Massachusetts's statutory insolvency fund for P&C insurers, paying claims of insolvent carriers. Comparable in statutory mandate and assessment-based funding.
• New York Property/Casualty Insurance Security Fund: New York's statutory P&C insurance security fund that pays claims of insolvent insurers. Comparable in mandate, governance by industry board, and assessment-based funding.
• California Insurance Guarantee Association: California's statutory property and casualty insurance guaranty association, operating under a similar mandate to pay covered claims of insolvent member insurers. Directly comparable as a state-level P&C guaranty fund serving the largest U.S. P&C market.
• Ohio Insurance Guaranty Association: Ohio's statutory P&C insurance guaranty association performing the same insolvent-insurer backstop function. Comparable in scope, board structure, and assessment funding model.
• Wisconsin Insurance Plan: Wisconsin's residual market mechanism for P&C coverage, with related guaranty function. Comparable as a state-level insurance safety-net organization serving similar claimant populations.
• Florida Insurance Guaranty Association: Florida's P&C and workers compensation guaranty association. Directly comparable given a high frequency of insurer insolvencies in catastrophe-prone Florida.
• Pennsylvania Property and Casualty Insurance Guaranty Association: Pennsylvania's statutory P&C insurance guaranty association, with mandate and operating model closely matching IIGF's. Useful comparison for mid-size state operations.
• Texas Property and Casualty Insurance Guaranty Association: Texas's statutory P&C guaranty association, performing the same backstop function as IIGF for insolvent member insurers. Highly comparable given a similarly large and catastrophe-exposed insurance market.
• New Jersey Property-Liability Insurance Guaranty Association: New Jersey's P&L insurance guaranty association, performing the same state-level backstop function for insolvent member insurers. Comparable in governance and claim-payment operations.

Others

• National Conference of Insurance Guaranty Funds: National coordination body for state insurance guaranty funds. IIGF lists NCIGF as a core partner; comparable as the industry-association layer above state-level guaranty entities.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/illinois-insurance-guaranty-fund

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Illinois Insurance Guaranty Fund