Bill Title: Amends the Illinois Insurance Code to create the Travel Insurance Act. Sets forth the scope and purposes of the Travel Insurance Act. Sets forth provisions concerning licensing and registration of travel insurance business entities. Provides that the Director of Insurance may issue producer licenses and limited lines producer licenses. Provides that each travel insurance business entity shall pay the Department of Insurance a fee of $500 for its initial license and $500 for each renewal license, payable on May 31 annually. Sets forth provisions concerning travel protection plans. Provides that travel protection plans may be offered for one price for the combined features that the travel protection plan offers in the State if specified requirements are met. Sets forth provisions concerning travel insurance sales practices. Provides that no entity shall act or represent itself as a travel administrator for travel insurance in this State unless that entity is a licensed property and casualty insurance producer in the State, holds a valid managing general agent license in the State, or holds a valid third-party administrator license in the State. Provides that specified practices are unfair methods of competition and unfair and deceptive acts and practices. Provides that travel insurance may be classified and filed under an inland marine line of insurance. Provides that travel insurance may be in the form of an individual, group, master, or blanket policy. Provides that the Department may adopt rules to implement the Article. Defines terms. Repeals a provision concerning travel insurance business entity licenses. Effective 90 days after becoming law.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Passed) 2021-07-30 - Public Act . . . . . . . . . 102-0212 [SB1588 Detail]

Text: Latest bill text (Chaptered) [HTML]

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