Producer FAQ
I have a multi-state risk. How do I
file it?
To determine if a contract that has multi-state
exposure should be submitted to the Association, be advised:
Property Policies–
The Illinois Division of insurance has approved
allocations of taxes, when there is adequate determination of values
between the various locations.
Liability Policies–
The Illinois Division of Insurance has indicated
that, if there is exposure in another state, taxes may be allocated
accordingly. Since liability exposure and premium allocation are not
easily determined, unless another state’s laws require allocation, it is
acceptable to the Illinois Division of Insurance to not allocate.
When submitting a multi-state policy to the Association using allocation, be
sure to note the Illinois portion of the premium on the declarations page
along with the appropriate taxes and fees. Only the Illinois portion of
the premium should be shown on the Verification Slip.
For information on the policies and procedures in other states, you may
want to contact other states’ surplus line stamping
offices, or see our links to
multi-state surplus line resources.
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.
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