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215 ILCS 105/16 (215 ILCS 105/16) Sec. 16. Cessation of operations. (a) Except as otherwise provided in this Section, the insurance operations of the Plan authorized by this Act shall cease on December 31, 2021. (b) Coverage under the Plan does not apply to services provided on or after January 1, 2022. (c) The Plan shall cease providing coverage for participants enrolled prior to January 1, 2022 at 11:59 p.m. on December 31, 2021. (d) A claim for payment under the Plan must be submitted within 180 days after January 1, 2022 and paid in accordance with the provisions of Article XIII of the Illinois Insurance Code. (e) Any claim or grievance shall be resolved by the court supervising the Plan's Article XIII rehabilitation or liquidation proceedings. (f) Balance billing by a health care provider that is not a member of the provider network used by the Plan is prohibited. (g) The Board shall, not later than 60 days after the effective date of this amendatory Act of the 102nd General Assembly, submit to the Director a plan of rehabilitation or liquidation and dissolution, which must provide for, but shall not be limited to, the following: (1) continuity of care for an individual who is | | covered under the Plan and is an inpatient on January 1, 2022;
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| (2) a final accounting of assessments;
(3) resolution of any net asset deficiency;
(4) cessation of all liability of the Plan; and
(5) final dissolution of the Plan.
(h) The plan of rehabilitation or liquidation and dissolution may provide that, with the approval of the Director, a power or duty of the Plan may be delegated to a person that is to perform functions similar to the functions of the Plan.
(i) Upon entry of an Order of Rehabilitation or Liquidation against the Plan, the court supervising the rehabilitation or liquidation proceedings shall have the jurisdiction to issue injunctions as set forth in Section 189 of the Illinois Insurance Code, including, but not limited to, the restraining of all persons, companies, and entities from bringing or further prosecuting all actions and proceedings at law or in equity or otherwise, whether in this State or elsewhere, against the Plan or its assets or property or the Director except insofar as those actions or proceedings arise in or are brought in the rehabilitation or liquidation proceedings.
(j) Upon the entry of an order of rehabilitation or liquidation, the rights and liabilities of the Plan and of its policyholders and all other persons interested in its assets shall be fixed as of the date of entry of the order directing rehabilitation or liquidation, or such later date as may be provided by order of the court supervising the rehabilitation or liquidation proceedings.
(k) Upon the satisfaction of all claims allowed in the rehabilitation or liquidation proceedings, including the costs and expenses of administering the rehabilitation or liquidation, any remaining funds shall be distributed as follows:
(1) for the accounts described in paragraph (2) of
| | subsection (l) of Section 4, all funds shall be refunded on a pro rata basis to the insurers that were assessed based on the most recent deficit projections of the Plan's operation pursuant to Section 12 and to covered persons where appropriate; and
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| (2) for all other accounts, all remaining funds
| | shall be released and deposited into the Insurance Producer Administration Fund for use by the Department for initiatives to support the Illinois Health Benefits Exchange.
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| (l) Upon the entry of an Order of Rehabilitation or Liquidation against the Plan, if the Director determines the Plan is holding any surplus funds in a segregated account associated with persons who qualified for coverage under Section 7 that are no longer required for the purposes for which they were acquired and are restricted from any other use, the Director may petition the court for such funds to be released and placed as follows:
(1) the first $10,000,000 shall be deposited into
| | the Insurance Producer Administration Fund for use by the Department for initiatives to support the Illinois Health Benefits Exchange; and
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| (2) the remainder shall be deposited into the
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(Source: P.A. 102-159, eff. 7-23-21.)
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