IL SB3324

Allows industrial insureds to procure insurance directly from unauthorized insurers without using an insurance producer, provided they use a qualified risk manager and meet exempt commercial purchaser requirements.

Requires industrial insureds to file reports with the Director within 90 days of policy effective date and pay surplus line taxes and fire marshal taxes within 30 days, similar to surplus line producer requirements.

Defines "industrial insured" as one employing a full-time qualified risk manager or regularly retained consultant who procures Classes 2 and 3 insurance risks and qualifies as an exempt commercial purchaser with Illinois as home state.

Expands the Insurance Premium Tax Refund Fund to include overpayments from industrial insureds under Section 121-2.08, along with existing provisions for authorized companies and surplus line producers.

Adds late filing and late payment fees for industrial insureds and surplus line producers, with tiered penalty structures based on days late (1-7 days, 8-14 days, 15-21 days, or more than 21 days).