Bulletin #33: EFS Registration to be Mandatory for Lloyd's Producers
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 SLAI cannot be certain that a Lloyd's risk has been properly vetted by LII. Therefore, the SLAI only accepts Lloyd's risks submitted directly from LII. SLAI 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 SLAI 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 SLAI. Once processed, the SLAI will notify members electronically that their Lloyd's filings have been accepted and members will then be able to obtain their SLAI Confirmation Numbers, or print their SLAI Confirmation Pages, via the EFS.
Mandatory EFS Registration
In order to retrieve and/or print SLAI confirmations, SLAI 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 SLAI Member Number when submitting documents to LII.
If you have any questions regarding this bulletin, please do not hesitate to contact our office.