Illinois Administrative Code
Title 50 - INSURANCE
Part 908 - RECORDING OF PREMIUMS COLLECTED AND DEFINITION OF GROSS PREMIUMS
Section 908.20 - Recording of Premiums Collected
Current through Register Vol. 48, No. 12, March 22, 2024
a) From and after the effective date of this Part, all receipts from premium collections entered on each company's records must be identifiable to a definite individual policy, endorsement, rider or other amendment, to indicate the allocation of the collection to an individual insured.
b) Listings, cards or other data must be maintained clearly identifying the individual policyholder on all accounts covering uncollected premiums or agents' balances, and the total of these subsidiary ledger records must balance to the general ledger uncollected premium (agents' balances) control account. Detail shown on these subsidiary accounts must include individual policy numbers, net due per policy and the effective date written.
c) In computing over 90 day balances, the actual effective date of the policy, endorsement, rider or other amendment developing the premium charge shall govern. If any installment of any premium has been due and unpaid for more than ninety days at the date of determination, no unpaid installment of such premium shall be allowed as an admitted asset.
