SB1289 amends the Illinois Insurance Code to redefine "home state" for surplus line insurance contracts and makes conforming changes.
SB1289 amends the Illinois Insurance Code to redefine "home state" for surplus line insurance contracts, specifying it as the state where the insured maintains its principal place of business or principal residence, or the state to which the greatest percentage of the insured's taxable premium is allocated. It also allows surplus line producers to procure insurance from unauthorized insurers under certain conditions, including making a diligent effort to procure insurance from authorized insurers first.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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