Bill Text: IL HB0759 | 2017-2018 | 100th General Assembly | Chaptered
Bill Title: Amends the Illinois Insurance Code. In a provision concerning licensure requirements for financial institutions, provides that nothing in a provision concerning limited lines producer licenses in the 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 provisions concerning license exceptions and credit life and credit accident and health insurance policies under the Code. Effective immediately.
Spectrum: Slight Partisan Bill (Republican 5-2)
Status: (Passed) 2017-08-25 - Public Act . . . . . . . . . 100-0349 [HB0759 Detail]
Download: Illinois-2017-HB0759-Chaptered.html
| ||||
| Public Act 100-0349 | ||||
| ||||
| ||||
AN ACT concerning regulation.
| ||||
Be it enacted by the People of the State of Illinois,
| ||||
represented in the General Assembly:
| ||||
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 | ||||
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 credit life, credit accident | ||
and health, credit casualty, credit property, or other group | ||
credit insurance policy or program under which the financial | ||
institution enrolls or performs other administrative services, | ||
or both, to enable individuals to purchase insurance coverage | ||
under the group credit insurance policy sold by a licensed | ||
producer in compliance with Section 155.56. A financial | ||
institution that performs enrollment or other administrative | ||
services, or both, with respect to its group credit insurance | ||
policies or programs shall be deemed to be in compliance with | ||
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.
| ||
