The Circuit Court of Cook County has granted Illinois Insurance Director Nathaniel S. Shapo’s petition for the conservation of Illinois Environmental Services Workers Compensation Trust, Inc. The Order of Conservation was entered on July 31, 2000, following the Department of Insurance’s determination that the company was insolvent by more than $600,000.
Illinois Environmental Services Workers Compensation Trust, Inc. was organized in November 1991 pursuant to the Illinois Workers Compensation Act for the purpose of administrating a program of group self-insurance for workers compensation loss exposures for members of the Illinois Association of Environmental Service Companies.
As of December 31, 1999, the Trust reported earned premium of $1.4 million and a net loss of approximately $950,000. The Court Order allows the Director to conserve the assets of the company for the protection of its claimants and creditors. The Order also contains an injunction prohibiting suits against the Trust outside of the conservation proceedings.
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