(215 ILCS 5/445a)
Sec. 445a. Domestic surplus line insurer.
(a) A domestic insurer possessing
policyholder surplus of at least $15,000,000 may pursuant to a resolution by
its board of directors, and with the written approval of the Director, be
designated as a "domestic surplus line insurer".
(b) A domestic surplus line insurer may insure in this State an
Illinois risk only if procured from a surplus line producer pursuant to Section 445 of
this Code.
(c) A domestic surplus line insurer must agree not to issue a policy
designed to satisfy the financial responsibility requirements of the Illinois
Vehicle Code, the Workers' Compensation Act, or the Workers' Occupational
Diseases Act. A domestic surplus line insurer is not subject to the provisions
of Articles XXXIII, XXXIII 1/2, XXXIV, XXXVIIIA, Section 468, or Section
478.1 of this Code.
(d) For the purposes of the federal Nonadmitted and Reinsurance Reform Act of 2010 (15 USC 8201 et seq.), a domestic surplus line insurer shall be considered a nonadmitted insurer, as the term is defined in the Act, with respect to risks insured in this State. (Source: P.A. 97-955, eff. 8-14-12.)
|