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Frequently Asked Questions
Proof of Claim
Q: What is a proof of
claim?
A: A proof of claim consists of a notarized written statement setting forth the details of the claim and including documentation in support of the asserted claim. To assert a claim against an insurance policy issued by the insolvent insurer, the claim must be based upon a known loss or occurrence. A complete statement of the legal requirements of a proof of claim can be found in Section 209(1) of the Illinois Insurance Code
Article XIII. If a proper proof of claim is not received at this office by the claim filing deadline established for the company, you will not have a timely filed claim and your chances of participating in any distribution of estate assets will be greatly diminished.
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Q: When will I receive my proof of claim form?
A: Numerous variables factor into when proof of claim forms get mailed. Every attempt is made to mail these forms within six months from the date a company is liquidated.
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Q: How do I get a proof of claim form?
A: To request a proof of claim
form, click on "Proof of Claim Form."
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Q: I have a previously unreported claim,
who do I contact?
A: Both our office and the appropriate
Guaranty Fund or Association, if any. We will then mail you a proof of claim form so that you may file the claim against the insolvent company. Your proof of claim will be subject to the claims filing deadline for this company.
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Q: What is a claim filing deadline?
A: The claim filing deadline is the last day on which a proof of claim can be received by the Liquidator and accepted as timely filed for purposes of participating in any distributions of estate assets that may be made on allowed timely filed claims.
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Q: What is a late claim?
A: If good cause exists, a proof of claim may be filed with the Liquidator after the claim filing deadline. Late filed proofs of claim participate in distributions of company assets, if at all, only after all allowed timely filed claims of general creditors have been paid in full.
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Q: What is a contingent claim?
A: A contingent claim is one where the occurrence or loss took place but a determination of the insured's liability for that loss or occurrence was not made at the time the Liquidation Order was entered.
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Q: What is a contingent claim date?
A: In order to participate in a distribution at level (d) of the priority schedule, an insured having a contingent claim must first
file a proof of claim prior to the claim filing deadline
and then pay the claim asserted against it out of its own funds
and provide evidence of such payment prior to the contingent claim date. This is also referred to as liquidating a claim by actual payment. The contingent claim date is set by order of the Supervisory Court and is the last date by which evidence demonstrating that such a payment was made can be received by the Liquidator. If an insured's claim is not liquidated by actual payment on or before the contingent claim date, the claim may be still
allowable at priority level (e).
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