By law, how many days are producers allowed to hold client premiums?

In Illinois, producers are legally allowed to hold client premiums for a period of up to 90 days. This timeframe is established to ensure that producers have sufficient time to process the premium payments before they are required to remit them to the insurance company. Holding premiums for a longer duration can help simplify transactions or accommodate any delays in processing, but it is essential that the producers manage these funds responsibly and adhere to the statutory requirements. By understanding this 90-day period, producers can maintain compliance with state regulations and ensure that they are handling client funds properly.