Sec. 445.1. Surplus Line Association of Illinois.
358 words·~2 min read·
/il/chapter-215/act-5/445-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 445.1. Surplus Line Association of Illinois. There is hereby created a non-profit association to be known as the Surplus Line Association of Illinois. All surplus line producers shall be and must remain individual members of the Association as a condition of their holding a license as a surplus line producer in this State. The Association must perform its functions under the plan of operation established and approved under Section 445.3 and must exercise its powers through a board of directors established under Section 445.2 of this Code.
The Association shall be supervised by the Director and is subject to the applicable provisions of the Illinois Insurance Code. The Association shall be authorized and have the duty to:
(1)receive and record all surplus line insurance contracts that surplus line producers
are required to file with the Association under subsection
(5)of Section 445;
(2)prepare monthly reports for the Director on surplus line insurance procured by its
members during the preceding month in such form and providing such information as the Director may prescribe;
(3)prepare and deliver to the Director and, at the discretion of the Director, to each
licensee the reports of surplus line business prescribed in subsection
(3)of Section 445;
(4)assess its members for costs of operations in accordance with a schedule adopted by
the Board of Directors of the Association and approved by the Director;
(5)employ and retain such persons as are necessary to carry out the duties of the
Association;
(6)borrow money as necessary to effect the purposes of the Association;
(7)enter contracts as necessary to effect the purposes of the Association;
(8)perform such other acts as will facilitate and encourage compliance by its members
with the surplus line law of this State and rules promulgated thereunder; and
(9)provide such other services to its members as are incidental or related to the
purposes of the Association.
Nothing in this Act shall be construed as giving the Association any discretionary authority to enforce this Act or to withhold or decline acceptance and recording of insurance contracts that meet the requirements of subsection
(5)of Section 445.