Illinois Administrative Code
Title 50 - INSURANCE
Part 2701 - SURPLUS LINE BUSINESS REQUIREMENTS
Section 2701.100 - License Rejection or Renewal Refusal
Current through Register Vol. 48, No. 12, March 22, 2024
Application for a surplus line producer license shall be rejected, or renewal thereof refused, for failure:
a) to pay the tax required by Section 445 of the Illinois Insurance Code and by Section 12 of the Fire Investigation Act [ 425 ILCS 25/12 ]; or
b) to pay the annual license fee to the Director of Insurance pursuant to Section 445(2) of the Code; or
c) to pay the fee due the Surplus Line Association; or
d) to exert diligent effort to secure the business required by an insured from duly authorized insurers; or
e) to procure surplus line policies or contracts or coverage from insurers that have at least $15,000,000 in policyholders surplus and have the standards of solvency or management necessary for the protection of policyholders; or
f) to process all surplus line business on Illinois risks through the Surplus Line Association; or
g) to maintain records and accounts pursuant to Section 445 of the Code; or
h) to maintain membership in the Surplus Line Association of Illinois; or
i) to comply with the requirements of the Illinois Insurance Code or 50 Ill. Adm. Code.
