Bulletin #33: EFS Registration to be Mandatory for
General Bulletin #33
EFS REGISTRATION TO BE MANDATORY FOR LLOYD'S PRODUCERS
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.
("LII"). For Illinois risks, LII 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 becomes surplus line and is subject to the surplus line laws and
the appropriate taxes and fees. They place their stamp on the policy
indicating whether it is licensed business or surplus line.
In the new electronic filing environment, the SLA cannot be certain that a
Lloyd's risk has been properly vetted by LII. Therefore, the SLA only
accepts Lloyd's risks submitted directly from LII. SLA members are not able
to submit Lloyd's risks using the EFS.
New Processing Changes
On July 21, 2008, the method for Lii to submit
risks to the SLA will be changing to make use of the efficiencies introduced
by the new system. Once this procedure is in place (you will be notified by
separate bulletin), they will be transferring data electronically to the
SLA. Once processed, the SLA will notify members electronically that their
Lloyd's filings have been accepted and members will then be able to obtain
their SLA Countersignature Numbers, or print their SLA
Countersignature Confirmation Pages, via the EFS.
Mandatory EFS Registration
In order to retrieve and/or print SLA
countersignature confirmations, SLA members doing business with Lloyd's will
need a registration for the EFS. START THE REGISTRATION PROCESS
NOW!! To register, download the
Membership Registration Pack and follow the instructions for "Current
Members Registering for Electronic Filing."
Remember, policies for Lloyd's of London must be sent to LII and cannot be
entered directly by the member into the SLA's efile system. Remember,
also, to provide your SLA Member Number when submitting
documents to Lii.
If you have any questions regarding this bulletin, please do not hesitate to
contact our office.