Bill Amendment: IL SB3024 | 2015-2016 | 99th General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

---

Bill Title: PRODUCER LICENSE-BANKS

Status: 2016-05-31 - Added as Co-Sponsor Sen. Laura M. Murphy [SB3024 Detail]

Download: Illinois-2015-SB3024-Senate_Amendment_001.html

---

Sen. William R. Haine

Filed: 4/15/2016

09900SB3024sam001 LRB099 20642 EGJ 47559 a
AMENDMENT TO SENATE BILL 3024
AMENDMENT NO. ______. Amend Senate Bill 3024 by replacing
everything after the enacting clause with the following:
"Section 5. The Illinois Insurance Code is amended by
changing Section 1403 as follows:
(215 ILCS 5/1403)
Sec. 1403. Licensure requirements for financial
institutions.
(a) A financial institution transacting insurance business
in this State shall register with the Director pursuant to the
Illinois Insurance Code and shall be subject to the laws,
rules, and penalties of the Illinois Insurance Code.
(b) The solicitation and sale of insurance by a financial
institution shall be conducted only by individuals who have
been issued and maintain an insurance producer's license
pursuant to the Illinois Insurance Code and shall be subject to

09900SB3024sam001 - 2 - LRB099 20642 EGJ 47559 a
the laws, rules, and penalties of the Illinois Insurance Code.
(c) For the purposes of this Section, a "financial
institution" means the subsidiary of a financial institution
when the financial institution is transacting insurance
business in this State only through the subsidiary. For the
purposes of Section 499.1 of the Illinois Insurance Code, a
financial institution shall be deemed to be a corporation.
(d) Nothing in Section 500-100 of this Code shall be
construed to require a limited lines producer license or any
other form or class of producer's license for financial
institutions, or their employees, if the financial institution
has purchased or sponsored a group or individual credit life,
credit accident and health, credit casualty, credit property,
or other credit insurance policy or program under which the
financial institution enrolls or performs other administrative
services to enable individuals to purchase insurance coverage
under the group or individual credit insurance policy from a
licensed producer in compliance with Section 155.56 and
paragraph (2) of subsection (b) of Section 500-20 of this Code.
(Source: P.A. 90-41, eff. 10-1-97.)
Section 99. Effective date. This Act takes effect upon
becoming law.".