Ill. Admin. Code tit. 50 § 2904.130

Current through Register Vol. 48, No. 43, October 25, 2024

Section 2904.130 - Renewal of Policies Issued Under this Part

a) The assigned carrier shall, 60 days prior to the expiration of the policy, submit to the employer and producer a notice of premium for renewal of the policy. If the renewal premium is not received by the assigned carrier 30 days prior to the expiration of the policy, the assigned carrier shall issue a notice of expiration.

b) If the renewal premium is received prior to the expiration date, the policy shall be renewed without lapse in coverage. If the renewal premium is received within 30 days after the expiration date, the policy shall be renewed effective 12:01 a.m. on the first day following the date of postmark on the payment envelope. If the renewal premium is received more than 30 days after the expiration date, the premium may be refused and the employer may apply for assignment pursuant to Sections 2904.60 or 2904.70. The assigned carrier may accept renewal premiums more than 30 days after the expiration of the policy, which renewal shall be effective 12:01 a.m. on the first day following the date of postmark on the payment envelope.

Ill. Admin. Code tit. 50, § 2904.130

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