IL SB1833

Amends Section 121-2.08 of the Illinois Insurance Code to regulate contracts of insurance independently procured from unauthorized insurers by industrial insureds.

Defines "Safety-Net Hospital" as an Illinois hospital qualifying under Section 5-5e.1 of the Illinois Public Aid Code.

Requires insureds to file reports with the Director within 90 days of insurance contract effective dates (for contracts effective January 1, 2015 or later), submitting information to the Surplus Line Association of Illinois.

Requires insureds to pay surplus line tax and fire marshal tax within 30 days of filing the report, and pay a countersigning fee to the Surplus Line Association of Illinois at the same rate charged to members.

Exempts contracts of insurance with Safety-Net Hospitals from the reporting, tax, and countersigning fee requirements.