Producer FAQ
A policy has been cancelled. How do I
get credit for the taxes and fees?
Simply file the cancellation endorsement, just as you would any other
endorsement to the policy. Be sure to show the return premium, taxes and
fees on the endorsement. When completing the Verification Slip, show the
return premium as a negative number, preferably by enclosing it in angle
brackets (e.g. <$200>), or alternatively with a negative sign (e.g. -$200). Once
you have filed the cancellation endorsement, the taxes and fees will be
credited to your account.
If there is no cancellation endorsement,
use our correction form. File it as if it were a real endorsement (use a Verification
Slip and attach two copies of the correction form).
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.
|
