INS CD-RBC-SURPLUS LINE

Amends the Illinois Insurance Code. Includes within the meaning of a company action level event the filing of a risk-based capital (RBC) report by an insurer that indicates that the insurer, if a property and casualty insurer, has total adjusted capital that is greater than or equal to its company action level RBC, but less than the product of its authorized control level RBC and 3.0 and triggers the trend test determined in accordance with the trend test calculation included in the property and casualty RBC Instructions. In the provisions concerning surplus line insurance and domestic surplus line insurers, makes changes to current definitions and sets forth additional definitions. Sets forth requirements for licensed surplus line producers concerning the procurement of surplus line insurance. Deletes certain provisions concerning surplus line producer licensure and provides instead that the State shall participate in the national insurance producer database of the National Association of Insurance Commissioners, or any other equivalent uniform national database, for the licensure of surplus line producers and the renewal of such licenses. Sets forth surplus line tax rates for surplus line insurance policies and contracts. Provides that for the purposes of the federal Nonadmitted and Reinsurance Reform Act of 2010, a domestic surplus line insurer shall be considered a nonadmitted insurer, as the term is defined in that Act, with respect to risks insured in the State. Contains a severability provision. Effective immediately.