SB1289 amends Illinois Insurance Code to redefine "home state" for surplus line insurance contracts and makes other related changes.
SB1289 amends the Illinois Insurance Code to redefine "home state" for surplus line insurance contracts, specifying that it is the state where the largest percentage of premium is attributed if multiple states are involved. It also modifies the definition of "affiliate" and "affiliated group" for insurance contracts. The bill mandates that surplus line insurance contracts from unauthorized insurers must contain a notice to policyholders. It exempts certain commercial purchasers from the requirement to procure insurance from authorized insurers if they meet specific criteria.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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