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.
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 Department 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 is considered 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 a surplus line risk, Lloyd's
Illinois will electronically transfer an image of the
document and a partial data record to the Surplus Line
Association of Illinois (SLA). The SLA will
complete the data record, based on the document image,
import it into the SLA database and notify the SLA member
via email that the Lloyd's document has been accepted by the
SLA. The
member then retrieves the countersignature information from
the Electronic Filing System (EFS). All SLA members
writing Lloyd's business in Illinois must be registered for
the EFS so they can perform this last, important step in the
SLA filing process.
Lloyd's policies cannot be submitted
directly to the SLA on paper or via the EFS.
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.
The Association of Lloyd's
Brokers has some
general information about Lloyd's Illinois, Inc. (click on
the blue "Lloyd's Illinois" button along the top of the
screen), and
there is
contact
information for Lloyd's Illinois, Inc. available on the Lloyd's website.
|
