SB 3324

Abstract

Amends the Illinois Insurance Code. Makes changes in the Section concerning transactions involving contracts of insurance issued to one or more industrial insureds to apply to transactions involving contracts of insurance independently procured directly from an unauthorized insurer by industrial insureds. Provides that within 90 days after the effective date of each contract of insurance issued under the Section, the insured shall file a report with the Director of Insurance by submitting the report to the Surplus Line Association of Illinois and provide information as designated by the Surplus Line Association of Illinois. Provides that within 30 days after filing the report, the insured shall pay to the Director for the use and benefit of the State a sum equal to the gross premium of the contract of insurance multiplied by the surplus line tax rate and shall pay the fire marshal tax. Includes surplus line producers and industrial insureds in the provisions concerning refunds, penalties, and collection. Sets forth requirements for when more than one insured from a group that is not affiliated are named insureds on a single surplus line insurance contract. Makes changes in the provisions concerning surplus line and examinations of the Association.