Underwriters at Lloyd's London
Lloyd's has a special statutory status in Illinois that allows
it to operate as a licensed
insurer or as a surplus line
insurer. The attorney-in-fact for Lloyd's is Lloyd's
Illinois, Inc.
The Association of Lloyd's
Brokers has some
general information about Lloyd's Illinois, Inc. and
there is
contact
information for Lloyd's Illinois, Inc. available on the Lloyd's website.
For Illinois risks, Lloyd's Illinois is responsible for making a diligent effort to
persuade underwriters and insureds to use forms that have been filed with the Illinois Division
of Insurance. If they are able to use filed forms, then the risk falls under
their license. If they are unable to use filed forms, then the
risk becomes surplus line and is subject to the surplus line laws and the
appropriate taxes and fees. Lloyd's Illinois, Inc. places their stamp on the policy
indicating whether the risk is licensed business or surplus line.
If it is surplus line and a properly completed SLA Verification Slip
(with the SLA member number) was included
with the submission, Lloyd's Illinois will forward the documents to the SLA after
processing them. Otherwise, they will return the documents to the
submitting producer to complete the paperwork and make the SLA filing.
All Illinois Lloyd's risks must be submitted to Lloyd's
Illinois, Inc. in order to determine their status as licensed or surplus line.
The SLA will not stamp any Lloyd's policy that has not already been reviewed and
stamped by Lloyd's Illinois, Inc.
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