Illinois Surplus Lines Broker Bond
Illinois Surplus Lines Broker Bond Information
Surplus Lines Broker Bonds are required by the state insurance department as a condition of a license for insurance brokers with surplus lines authority. The surety bonds ensure compliance with the rules and regulations as defined by the state for the activities of selling, soliciting and negotiating surplus lines insurance. Because surplus lines are often less regulated activities and policies are not protected by state guarantee funds, the surety bond requirement affords consumers additional protection in the event of a violation.