SLA Presentation at ALB Meeting

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Surplus Line Processing of Lloyds Documents and
Compliance Review
Presented by David Ocasek, Executive
Director Surplus Line Association of
Illinois docasek_at_slai.org www.slai.org
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Surplus Line Processing of Lloyds Documents

• Transmission

• Data Completion

• Posting

• Producer Notification

• Electronic Stamping

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Surplus Line Processing of Lloyds Documents
Transmission
LLOYDS ILLINOIS
SLA
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Surplus Line Processing of Lloyds Documents
Data Completion
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Surplus Line Processing of Lloyds Documents
Posting
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Surplus Line Processing of Lloyds Documents
Producer Notification
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j.public_at_YourCo.com
lllll
9999
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GL12342
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Surplus Line Processing of Lloyds Documents
Electronic Stamping
Notification emails will be sent to the EFS
Administrator. If you want to designate someone
else, just call us and let us know
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Compliance Review

• Procurement

• Filing

• Taxes

• Maintenance

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Compliance Review
Procurement

• Declinations

• Insurer Eligibility

• Risk Eligibility / Exemption

• Tax Fee Calculations

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Compliance Review
Procurement

• Declinations

Three declinations from licensed insurers that
write, in Illinois, the type of coverage being
sought
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Compliance Review
What do I do with these?
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Compliance Review
Procurement

• Declinations Regulation 2801

The surplus line producer must maintain with the
copy of the insurance that was placed a record of
such diligent effort which must state the name of
the authorized companies and the individuals
contacted at each company who declined the risk.
If the diligent effort was made by the insurance
producer, the surplus line producer must maintain
a written record signed by the insurance producer
that the insurance producer made such diligent
effort, and the insurance producer must maintain
a record that states the name of the authorized
companies and the individuals contacted at each
company who declined the risk.
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Compliance Review
Procurement

• Insurer Eligibility

Licensed / Unlicensed
Eligible List
Ineligible List
Illinois Domestic S/L Insurer
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Compliance Review
Procurement

• Risk Eligibility / Exemption

Export list?
Exempt Classes
Personal Lines / Residual Markets
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Compliance Review
Procurement

• Tax Fee Calculations

Special Taxes?
Taxability of Broker/Other Fees
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Compliance Review
Filing

• Notice to Policyholder

• Service of Suit

• Taxes Fees on Dec Page

• Situs of Risk / Allocation

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Compliance Review
Taxes

• Make Sure You Get Your Forms

• Do Not Alter the Illinois Tax Forms

• Pay the Amount Shown

• File / Pay By the Due Date

even if no taxes are due!
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Compliance Review
Maintenance

• Let SLA Know Where You Are

• Let DOI Know Where You Are

• Let SLA Know When Licensees Come / Go

• Keep EFS Accounts Up To Date

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Surplus Line Processing of Lloyds Documents and
Compliance Review
Presented by David Ocasek, Executive
Director Surplus Line Association of
Illinois docasek_at_slai.org www.slai.org