Illinois General Assembly - Full Text of SB3324
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Full Text of SB3324  98th General Assembly


Sen. William R. Haine

Filed: 3/13/2014





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2    AMENDMENT NO. ______. Amend Senate Bill 3324 on page 1,
3line 5, by replacing "and 445.4" with "445.1, and 445.4"; and
4on page 31, immediately below line 14, by inserting the
6    "(215 ILCS 5/445.1)  (from Ch. 73, par. 1057.1)
7    Sec. 445.1. Surplus Line Association of Illinois. There is
8hereby created a non-profit association to be known as the
9Surplus Line Association of Illinois. All surplus line
10producers shall be and must remain individual members of the
11Association as a condition of their holding a license as a
12surplus line producer in this State. The Association must
13perform its functions under the plan of operation established
14and approved under Section 445.3 and must exercise its powers
15through a board of directors established under Section 445.2 of
16this Code. The Association shall be supervised by the Director



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1and is subject to the applicable provisions of the Illinois
2Insurance Code. The Association shall be authorized and have
3the duty to:
4    (1) receive, record and countersign all surplus line
5insurance contracts which surplus line producers are required
6to file with the Association under subsection (5) of Section
8    (2) prepare monthly reports for the Director on surplus
9line insurance procured by its members during the preceding
10month in such form and providing such information as the
11Director may prescribe;
12    (3) prepare and deliver to the Director and, at the
13discretion of the Director, to each licensee and to the
14Director the reports of surplus line business prescribed in
15subsection (3) of Section 445;
16    (4) assess its members for costs of operations in
17accordance with a schedule adopted by the Board of Directors of
18the Association and approved by the Director;
19    (5) employ and retain such persons as are necessary to
20carry out the duties of the Association;
21    (6) borrow money as necessary to effect the purposes of the
23    (7) enter contracts as necessary to effect the purposes of
24the Association;
25    (8) perform such other acts as will facilitate and
26encourage compliance by its members with the surplus line law



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1of this State and rules promulgated thereunder; and
2    (9) provide such other services to its members as are
3incidental or related to the purposes of the Association.
4Nothing in this Act shall be construed as giving the
5Association any discretionary authority to enforce this Act or
6to withhold countersignature of insurance contracts which meet
7the requirements of subsection (5) of Section 445.
8(Source: P.A. 83-1300.)".