Thursday, October 24, 2013

Surplus Lines Association of Illinois issues bulletin on zero premium endorsements

The Surplus Line Association of Illinois issued General Bulletin #40 stating proposals, endorsements, and other documents which are incidental to the insurance but which do not affect the premium charged are exempted from filing and countersignature and brokers do not need to file zero premium endorsements. The elimination of this requirement is appreciated and will ease some regulatory burdens of the broker. However, it is important to note brokers continue to be required to file zero premium semi-annual tax statements in Illinois at this time. As previously outlined, NAPSLO strongly advocates for all states requiring zero premium reports to eliminate that requirement.

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