IL SB3783

Adds new definitions to surplus line insurance law including "master policy," "personal lines insurance," "premium," "program business," and "taxable premium" to clarify insurance types and calculations.

Establishes diligent effort exemptions allowing licensed surplus line producers to procure insurance from unauthorized insurers without attempting authorized insurer placement for: exempt commercial purchasers (with disclosure and written request), wholesale transactions (when referred by unaffiliated Illinois-licensed producer), master policies (annual effort instead of per-insured), and program business (annual effort instead of per-contract).

Changes surplus line producer reporting requirements by moving the fire insurance tax report deadline from March 31 to February 1 annually and allowing producers to skip reporting periods with no insurance activity.

Replaces "countersignature" language with "recording" and "acceptance and recording" throughout the statute, clarifying the Surplus Line Association's administrative role.

Requires individual officers or partners representing member firms on the Surplus Line Association board or in contract submissions to be licensed surplus line producers.

Effective January 1, 2021.