Ill. Admin. Code tit. 50, § 2904.60 - Procedure for the Assignment of an Employer

Current through Register Vol. 46, No. 15, April 8, 2022

An eligible employer seeking Assigned Risk Insurance will be bound under the Illinois Assigned Risk Plan in accordance with the following procedures:

a) Within 60 days prior to application the employer must have requested and been rejected for standard coverage by two nonaffiliated insurance carriers that are licensed to write and are actively writing workers' compensation insurance within the State, one of which shall have been the carrier, if any, with which the employer was last insured for Workers' Compensation and Workers' Occupational Diseases Coverage at the time of application.
b) The producer of the employer shall submit an application for assignment to the Administrator. The Administrator shall review the content of the application. If the application is complete, the Administrator shall calculate the estimated annual premium and notify the employer and licensed producer within 10 days as to the amount of estimated annual premium required. The application may be submitted online to the Administrator; however, coverage is not bound until eligibility is determined by the Administrator and the signed application is received with the appropriate premium. Coverage will be bound by the Administrator and the applicant assigned to an Assigned Carrier in accordance with the applicable Plan rules.
c) The employer or producer must submit the required deposit premium or pay the annual estimated premium. For applications submitted by mail, payments must be in the form of a certified check, cashier's check, or a check drawn on the producer's Premium Fund Trust Account payable to the Administrator for either the required deposit premium or the full amount of the estimated annual premium. If installment payments are requested, the deposit submitted shall be the deposit required by Section 2904.100 and the Plan. The Administrator will bind coverage at 12:01 a.m. the first day following the date of postmark on the payment envelope, or a later date if requested in the application. For electronic applications, the total initial or deposit premium must be made electronically by credit card or electronic funds transfer (EFT). These payments may be made directly from an employer's account or their producer's account. Mailed checks are not accepted with the online application submission option. The earliest eligible effective date will be 12:01 a.m. on the day after receipt of the completed online submission, if all required information and deposit premium is received, as determined by Administrator.

Notes

Ill. Admin. Code tit. 50, § 2904.60

Amended at 6 Ill. Reg. 7226, effective June 4, 1982

Amended at 38 Ill. Reg. 15611, effective 7/2/2014

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