Hasemann v. White

The Insurance Code establishes the Illinois Insurance Guaranty Fund (the Fund), a nonprofit entity ereated to protect policyholders of insolvent insurers and third parties making claims under policies issued by insurers that become insolvent. 215 ILCS 5/532 et seq. (West 1994). To make a claim on the Fund, a claimant possessing a "[c]overed claim” must first "exhaust his rights” under any other insurance policy applicable to the loss in question. 215 ILCS 5/534.3, 546(a) (West 1994). We allowed leave to appeal in this case (155 Ill. 2d R. 315) to answer the following questions: (1) Has a…