Insurer FAQ
How do I get my insurance company
approved as a surplus line insurer in Illinois?
Short answer -- you don't. There is no "approved list",
"eligible list" or "white list" in Illinois. An Illinois licensed surplus line
producer may use any surplus line company domiciled in the U.S. that is
permitted by its domiciliary jurisdiction to write the type of coverage sought, has $15,000,000 in policyholders
surplus and has standards of solvency and management that are adequate for the
protection of the policyholders. An Illinois licensed surplus line
producer may use any surplus line company domiciled outside the U.S. that is on
the NAIC's
Quarterly Listing of Alien Insurers, or that meets the requirements above for insurers domiciled in the U.S. It is the licensee's responsibility to determine that a company meets these standards which are contained in
Section 445, paragraph 1.5 of
the Illinois Insurance Code and in
Regulation 2701.30.
If at any time the Director determines that the further assumption of risks by a surplus line insurer might be hazardous to Illinois policyholders, he can
declare that insurer ineligible to write further business (including any
endorsements, certificates, or any other instruments that entail additional
premium) in Illinois, pursuant to Section
445, paragraph 9 of the Illinois Insurance Code. Once this order has been
issued, surplus line producers may not procure insurance from the insurer and
the Surplus Line Association of Illinois may not stamp policies or endorsements
(return premium endorsements may be stamped) issued by the insurer.
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 state and federal laws and regulations to any particular situation. The Surplus Line Association of Illinois (SLAI) does not undertake and hereby disclaims any obligation to advise you of any change to laws and regulations or to the SLAI procedures.
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