Ill. Admin. Code tit. 50, § 2701.70 - Declinations of Artificial Coverage not Acceptable
a) Declinations by authorized insurers for
the following reasons do not qualify insurance to be placed under the surplus
line law:
1) Artificial division of one
coverage into two or more proposed contracts;
2) Differential in premium or rate quoted
between an authorized insurer and an unauthorized insurer.
b) Declinations by authorized insurers for
the following reasons do qualify insurance to be placed under the surplus line
law:
1) Underwriting reason pertaining to the
risk or the class;
2) Size of the
risk;
3) Coverage is not available
except in combination with other coverage not required by the
insured;
4) Required coverage is
not acceptable in part to the authorized insurer although part of the coverage
is acceptable, and the unauthorized insurer will accept only the entire risk
and not solely the rejected portion; and
5) Authorized insurers will accept less than
the amount of coverage required and the entire amount and not just part of that
amount will be accepted by unauthorized insurers.
Notes
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