Ill. Admin. Code tit. 50 § 2701.100

Current through Register Vol. 48, No. 43, October 25, 2024

Section 2701.100 - License Rejection or Renewal Refusal

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.

Ill. Admin. Code tit. 50, § 2701.100

Amended at 40 Ill. Reg. 216, effective December 21, 2015

Recodified from 2801.100 at 42 Ill. Reg. 16453