Insurer FAQ
How do I get my insurance company
approved as a surplus line insurer in Illinois?
You don't. There is no "approved list",
"eligible list" or "white list" in Illinois. An Illinois licensed surplus line
producer may use any surplus line company that has $15,000,000 in policyholders
surplus and standards of solvency and management that are adequate for the
protection of the policyholders. It is the licensee's responsibility to
determine that a company meets these standards which are contained in
Section 445, paragraph 1 of
the Illinois Insurance Code and in
Regulation 2801.30.
If at any time the Director determines that the further assumption of risks
by a surplus line insurer might be hazardous to Illinois policyholders, he can
declare that insurer ineligible to write further business (including any
endorsements, certificates, or any other instruments that entail additional
premium) in Illinois, pursuant to Section
445, paragraph 9 of the Illinois Insurance Code. Once this order has been
issued, surplus line producers may not procure insurance from the insurer and
the Surplus Line Association of Illinois may not stamp policies or endorsements
(return premium endorsements may be stamped) issued by the insurer.
Disclaimer
The materials and information contained herein are only synopses of laws, regulations
and other information and do not constitute
legal advice. It is recommended that you consult your legal advisers regarding
application of the Illinois surplus line laws and regulations to any particular
situation. The Surplus Line Association does not undertake and hereby
disclaims any obligation to advise you of any change to the Illinois surplus
line laws and regulations or the procedures of the Surplus Line Association.
|
