Required Recordkeeping
Each Illinois surplus line producer must maintain:
- a separate account of the business transacted under their license which shall be open at all times to the Director or his representative.
- separate records of the business transacted under their license, including complete copies of surplus line insurance contracts maintained on paper or by electronic means. These records shall be open at all times for inspection by the Director and by the Surplus Line Association of Illinois.
- a record of declinations for each surplus line policy written their license. The content of these required records is described in Regulation 2701.60. Illinois has no specific required form upon which the declinations must be recorded and the declinations do not need to be filed with the Surplus Line Association.
These records must be maintained on paper or by electronic means for a period of 7 years from the policy effective date.