Overview
What is Surplus Line Association Of Illinois?
The Surplus Line Association of Illinois, established by Public Act 83-1300 of the Illinois Legislature, serves as a vital intermediary between the state and surplus line insurance licensees. Its primary purpose is to collect, record, and countersign surplus line insurance contracts that producers are mandated to file, as well as unauthorized insurer contracts for industrial insureds, under specific Illinois statutes. This organization plays a crucial role in reporting to the state of Illinois, ensuring compliance with regulatory requirements. The Surplus Line Association of Illinois primarily generates revenue through stamping fees. In 2022, they processed an impressive 165,369 documents, demonstrating their significant contribution to the surplus line insurance industry in Illinois.
Official website here: www.slai.org
Is Surplus Line Association Of Illinois legitimate?
Surplus Line Association Of Illinois is a legitimate nonprofit organization registered as a 501(c)(6) entity. Surplus Line Association Of Illinois submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $843,036
Professional Fundraising Fees: $0
Other Salaries and Wages: $362,249
For more financial information, click here
Official website here: www.slai.org
What is the mission statement of Surplus Line Association Of Illinois?
The Surplus Line Association of Illinois was established as a liaison between the state and surplus line licensees, primarily through the revenue generated from stamping fees. Its primary function is to report to the state of Illinois. The association is responsible for receiving, recording, and counter-signing all surplus line insurance contracts that surplus line producers are required to file, as well as unauthorized insurer contracts that industrial insureds are required to file. In 2022, the association processed 165,369 documents. While the association does not have a traditional mission statement in the sense of promoting solutions or increasing understanding, its role is essential in ensuring compliance with state regulations related to surplus line insurance.
Official website here: www.slai.org
Who is the CEO of Surplus Line Association Of Illinois?
Stephen Beard is the Chair of Surplus Line Association Of Illinois. The CEO's salary of Surplus Line Association Of Illinois is $300,923 and their total compensation is $492,680.
Official website here: www.slai.org
What is the revenue of Surplus Line Association Of Illinois?
Surplus Line Association Of Illinois's revenue in 2022 was $3,089,072.
Official website here: www.slai.org
Who are the executives of Surplus Line Association Of Illinois and what are their salaries?
The average compensation at Surplus Line Association Of Illinois during 2022 was $150,661. There are 8 employees and 9 volunteers at Surplus Line Association Of Illinois.
Here are 11 key members and their salaries (Surplus Line Association Of Illinois's CEO's salary is $300,923 and their total compensation is $492,680):
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- Compensation: $300,923
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- Other: $191,757
- Compensation: $175,922
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- Other: $128,279
Official website here: www.slai.org
Where can I find the form 990 for Surplus Line Association Of Illinois?
Surplus Line Association Of Illinois's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.slai.org
Learn more at the official website: www.slai.org
Mission Statement of Surplus Line Association Of Illinois
The Surplus Line Association of Illinois, established by Public Act 83-1300 of the Illinois Legislature, serves as a liaison between the state and surplus line licensees. Its primary role is to report to the state of Illinois. The association derives its revenue primarily through stamping fees. This organization plays a crucial part in receiving, recording, and counter-signing all surplus line insurance contracts that surplus line producers are required to file with the association, as per subsection (5) of 215 ILCS 5/445 of the Illinois Statutes. Additionally, the Surplus Line Association of Illinois receives and records all unauthorized insurer contracts that industrial insureds are required to file with the association, as per 215 ILCS 5/121.2-08 of the Illinois Statutes. In 2022, the organization processed 165,369 documents.
In simpler terms, the Surplus Line Association of Illinois acts as a bridge between the state and surplus line insurance companies. Its primary function is to record and counter-sign insurance contracts as required by state laws. This helps maintain transparency and compliance in the surplus line insurance industry, ensuring that all necessary documents are properly filed and processed. The association's significant role in handling such documents is evident in the 165,369 documents it processed in 2022.
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Impact
October, 2024
The Surplus Line Association of Illinois plays a crucial role in the regulation and facilitation of surplus line insurance within the state. Established by legislative action, it acts as a vital conduit between the Illinois government and surplus line licensees. One of its primary functions is to receive, record, and countersign all surplus line insurance contracts that producers are mandated to file, ensuring compliance with state laws.
In 2022 alone, the Association processed an impressive 165,369 documents, highlighting its significant operational capacity and responsiveness to the needs of the insurance market. By managing the filing of unauthorized insurer contracts required by industrial insureds, the Association helps maintain transparency and integrity in the insurance industry.
Additionally, the revenue it generates through stamping fees supports its operations, allowing it to effectively serve its mission. By providing these essential services, the Surplus Line Association of Illinois helps to protect policyholders and ensure the financial stability of the surplus line insurance market in the state.
This information is meant to be a general summary of Surplus Line Association Of Illinois. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $25,509
- Program Service Revenue: $3,063,563
- Gross Receipts: $3,089,072
Assets and Liabilities:
- Total Assets: $9,048,277
- Total Liabilities: $0
- Net Assets: $9,048,277
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
STAMPING FEES
Revenue
$2,787,236
INDEPENDENT PROCUREMEN
Revenue
$276,327
Organization Details
Founding Year
1985
Phone
(312) 263-1993Principal Officer
Stephen Beard
Main Address
222 S RIVERSIDE PLAZA 2220, CHICAGO, IL, 60606
Website
www.slai.orgNTEE Category
Code: Y20 - Mutual benefit
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