The Illinois Final Report of Independent Representative (IF RIR) is a document required by the state of Illinois for certain types of transactions. It is filed with the Illinois Department of Insurance (IDOL) to provide information concerning the independent representative’s activities, financial records, and other aspects of the transaction. The IF RIR is required for transactions involving an insurance company or its affiliates, including insurance producers, adjusters, or representatives. The IF RIR must be filed within 60 days of completion of the transaction or within 30 days of the filing of the insurance policy, whichever is later. The IF RIR includes information about the independent representative’s activities, including a description of the services rendered, the amount of compensation received, and the amount of insurance policies sold. It also includes financial records, such as the independent representative’s bank statements, credit card statements, and other documents that demonstrate the financial stability of the representative. Additionally, the IF RIR provides information about the independent representative’s qualifications, such as educational background, professional licensure, and other credentials. There are two types of Illinois Final Report of Independent Representative: Initial Report and Annual Report. The Initial Report must be filed within 60 days of completion of the transaction or within 30 days of the filing of the insurance policy, whichever is later. The Annual Report must be filed annually on December 31 or within 30 days of the filing of the insurance policy, whichever is later. Both reports must be filed with the IDOL.