Illinois Administrative Code
Title 50 - INSURANCE
Part 2701 - SURPLUS LINE BUSINESS REQUIREMENTS
Section 2701.70 - Declinations of Artificial Coverage not Acceptable
Universal Citation: 50 IL Admin Code ยง 2701.70
Current through Register Vol. 48, No. 12, March 22, 2024
a) Declinations by authorized insurers for the following reasons do not qualify insurance to be placed under the surplus line law:
1) Artificial division of one
coverage into two or more proposed contracts;
2) Differential in premium or rate quoted
between an authorized insurer and an unauthorized insurer.
b) Declinations by authorized insurers for the following reasons do qualify insurance to be placed under the surplus line law:
1) Underwriting reason pertaining to the
risk or the class;
2) Size of the
risk;
3) Coverage is not available
except in combination with other coverage not required by the
insured;
4) Required coverage is
not acceptable in part to the authorized insurer although part of the coverage
is acceptable, and the unauthorized insurer will accept only the entire risk
and not solely the rejected portion; and
5) Authorized insurers will accept less than
the amount of coverage required and the entire amount and not just part of that
amount will be accepted by unauthorized insurers.
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