Bulletin #44: Changes in Procedures for Processing Illinois Surplus Line Lloyd's Business
Effective January 1, 2016, in conjunction with Lloyd’s Illinois, Inc. and with the approval of the Illinois Department of Insurance, we will be implementing changes in the procedures for processing Illinois surplus line Lloyd’s transactions.
As you know, Lloyd’s maintains a dual status in Illinois, operating on both a licensed and surplus line basis. Currently, your Lloyd’s transactions are sent to the Lloyd’s Illinois office. Those that are surplus line are then forwarded to the Surplus Line Association (SLA) for processing and the producer gets notified by email when the SLAI filing process is complete.
Beginning January 1, 2016, producers will no longer send their surplus line Lloyd’s policies and endorsements to Lloyd’s Illinois. Rather, they will file those transactions directly with the SLAI in exactly the same manner as business procured from any other surplus line insurer. This change will occur beginning January 1, 2016 and applies regardless of the effective date of the transaction.
Filings with the SLAI can only be made by licensed Illinois surplus line producers. There are several options for filing with the SLA:
The SLA’s online Electronic Filing System (EFS)
The simple, intuitive and powerful EFS is the first choice for most filers. Filers submit data only. No need to send paper or scanned copies of policies or endorsements. See our EFS information page for more information.
Batch Upload Feature
Since its introduction in 2014, more and more members are taking advantage of the efficiency gains provided by the batch upload system, which is an extended feature of the EFS. While there is some up-front programming work so that extracts from your agency management system will be properly formatted for the system, once that work is done, the time savings are enormous – especially for high volume users. See our batch upload information page for more information.
Paper filing with the Association is no longer supported.
Feel free to contact our office regarding the process of filing with the SLAI. Questions for Lloyd’s Illinois can be directed to:
Vice President, Regulatory Compliance
Lloyd’s Illinois, Inc.
You can view the Lloyd's Market Bulletin Y4934 regarding this topic by clicking here.
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.