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A surplus lines broker seeking to procure or place nonadmitted insurance in a state for an exempt commercial purchaser ("ECP") is not required to satisfy any state requirement to a make a due diligence search to determine whether the full amount or type of insurance sought by the ECP may be obtained from admitted insurers if: (1) the broker ...
The Illinois Department of Financial and Professional Regulation was created on July 1, 2004. It is responsible for the regulation, oversight, and licensure of almost 300 different types of professional licenses and financial institutions. The current director ("Secretary") of this department is Mario Treto, Jr.
The Liquor Control Commission is an Illinois state government commission, with four divisions. The Licensing Division is responsible for reviewing state liquor applications and issuing new and renewal state liquor licenses. There are 28 different license categories - including airplanes, trains, liquor stores, non-beverage users, out-of-state ...
Reciprocal inter-insurance exchange. A reciprocal inter-insurance exchange or simply a reciprocal in the United States is an unincorporated association in which subscribers exchange insurance policies to pool and spread risk. For consumers, reciprocal exchanges often offer similar policies to those offered by a stock company or a mutual ...
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The Terrorism Risk Insurance Act (TRIA) (H.R. 3210, Pub. L. 107–297 (text) (PDF)) is a United States federal law signed into law by President George W. Bush on November 26, 2002. The Act created a federal "backstop" for insurance claims related to acts of terrorism. The Act "provides for a transparent system of shared public and private ...
In the United States, the state governments have jurisdiction for issuing most professional licenses to individuals and corporations. In areas that naturally cross states' borders, the national government may be the issuer. Thus the Federal Aviation Administration certificates pilots and other aviation related professionals, such as mechanics ...
Insurance, generally, is a contract in which the insurer agrees to compensate or indemnify another party (the insured, the policyholder or a beneficiary) for specified loss or damage to a specified thing (e.g., an item, property or life) from certain perils or risks in exchange for a fee (the insurance premium). [2]