What is the annual fee insurers must pay to the Illinois Guaranty Fund?

The annual fee that insurers must pay to the Illinois Guaranty Fund is set at $500. This fund is established to protect policyholders in the event that an insurance company becomes insolvent, ensuring that claims are paid even if the insurer is unable to fulfill its obligations. The fee helps to maintain a stable financial environment within the insurance market so that policyholders can have confidence in their coverage. By requiring insurers to contribute this fee annually, the fund can effectively serve its purpose of protecting consumers while holding insurers accountable for their financial responsibilities.