In this chapter...
Each Surplus Line Licensee is a member of the Surplus Line Association of
Illinois and may participate as an Individual Member or as part of a Firm
Member, as described below.
Membership in the Association may be maintained in one of two ways.
- Individual Member
A surplus line licensee may join the Association as an
Member. Filings for an Individual Member are reported and billed under
this individual licensee's membership. Premiums and taxes will be
shown on this individual licensee's tax statements.
- Firm Member
This is a convenience for firms that employ more than one surplus line
licensee. The licensees are consolidated into a single membership and
all policies filed are reported and billed on a consolidated
basis. This can be very helpful when reconciling your books. One of
the licensees is designated as the "tax licensee," and all premiums
are consolidated on that licensee's tax statements. The remaining
licensees' tax statements show zero, but must still be signed and filed
with the state at the appropriate times. The tax licensee exercises
voting powers and all other membership powers for all of the licensees
that are consolidated into the membership.
Membership in the Association begins on the effective date of your surplus
line license and continues as long as your license remains valid.
- Current Home, Work & License Address and Company Affiliation
It is important that whenever there is a change in one of your
addresses or company affiliation that the Association be informed
immediately so that the Association may properly direct your tax
forms and other pertinent information.
- License and Membership Termination
If you determine that you are not going to renew your surplus line
license or if you are surrendering your surplus line license voluntarily,
you must write to the Association (and the Department of Insurance)
indicating your intentions.