and use of the form being filed and, if applicable, how it will be used with any previously approved form(s). A complete and correct listing of the policy Policy Form/Filing form and filing numbers being assumed must Numbers appear on the Assumption Certificate Transmittal Form. DESCRIPTION OF REVIEW STANDARDS REQUIREMENTS NOTE: brief summaries do not LOCATION COMPANY include all requirements of all laws, OF REFERENCE REQUIREMENTS regulations, bulletins, or requirements, so STANDARD review actual law, regulation, bulletin, or IN FILING requirement for details to ensure that forms are fully compliant before filing with the Department of Insurance. Assumption Certificates cannot be approved Financial the Financial/Corporate Unit has Requirements finalized the assumption/reinsurance transaction. The assumption certificate must include consent language as required by 215 ILCS 5/173.3 such as, "The insureds have their consent to this transaction by either paying Insured Consent the premium, or notifying the assuming or ceding insurer, in writing, within ten (10) days from the date of mailing the assumption certificate, notice of rejection."
and use of the form being filed and, if applicable, how it will be used with any previously approved form(s). Policy Form/Filing Numbers A complete and correct listing of the policy form and filing numbers being assumed must appear on the Assumption Certificate Transmittal Form. COMPANY REQUIREMENTS REFERENCE DESCRIPTION OF REVIEW STANDARDS REQUIREMENTS NOTE: brief summaries do not include all requirements of all laws, regulations, bulletins, or requirements, so review actual law, regulation, bulletin, or requirement for details to ensure that forms are fully compliant before filing with the Department of Insurance. LOCATION OF STANDARD IN FILING Financial Requirements Assumption Certificates cannot be approved the Financial/Corporate Unit has finalized the assumption/reinsurance transaction. Insured Consent The assumption certificate must include consent language as required by 215 ILCS 5/173.3 such as, "The insureds have their consent to this transaction by either paying the premium, or notifying the assuming or ceding insurer, in writing, within ten (10) days from the date of mailing the assumption certificate, notice of rejection."
Assumption_Certificate_guidelines.docx