Ill. Admin. Code tit. 14, § 900.180 - Claim Payment
a) Within 5
business days of such time as a financial intermediary has actual knowledge of
the happening of any event likely to cause a loss covered under the terms of
the policy or policies of comprehensive export credit insurance, the financial
intermediary shall notify the Authority of such event in writing. Failure to do
so shall constitute a default under the guaranteed participating loan agreement
and give the Authority any and all rights and remedies available to it
thereunder.
b) The financial
intermediary shall include with its notification, as required in Section
900.180(a) of
this Part, Notice of Claim and Proof of Loss full information regarding the
basis for the claim, including copies of correspondence with the eligible
exporter, a record of all attempts to collect the on-loan, and proof that the
financial intermediary has taken all legal steps necessary to preserve the
interest in the collateral, and such other documents as may be required by the
insurer.
Notes
Amended at 11 Ill. Reg. 3100, effective February 3, 1987
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