Ill. Admin. Code tit. 50 § 2701.120

Current through Register Vol. 48, No. 45, November 8, 2024

Section 2701.120 - Required Surplus Line Policy Notice

a)Each policy or contract for insurance procured from an unauthorized insurer, other than a domestic surplus line insurer, in conformity with Section 445 of the Code shall have stamped or imprinted on the first page, in not less than 12-pt. bold face type, the following legend:

"Notice to Policyholder"

"This contract is issued, pursuant to Section 445 of the Illinois Insurance Code by a company not authorized and licensed to transact business in Illinois and as such is not covered by the Illinois Insurance Guaranty Fund."

b) Each policy or contract for insurance procured from a domestic surplus line insurer in conformity with Section 445 of the Code shall have stamped or imprinted on the first page, in not less than 12-pt. bold face type, the following legend:

"Notice to Policyholder"

"This contract is issued by a domestic surplus line insurer, as defined in Section 445a of the Illinois Insurance Code, pursuant to Section 445 of the Code and, as such, is not covered by the Illinois Insurance Guaranty Fund." (Section 445(10.5) of the Code)

Ill. Admin. Code tit. 50, § 2701.120

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

Recodified from 2801.120 at 42 Ill. Reg. 16453