Bill Text: IL HB0759 | 2017-2018 | 100th General Assembly | Engrossed


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: Bipartisan Bill

Status: (Engrossed) 2017-04-25 - Assigned to Insurance [HB0759 Detail]

Download: Illinois-2017-HB0759-Engrossed.html



HB0759 EngrossedLRB100 06797 SMS 16845 b
1 AN ACT concerning regulation.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Illinois Insurance Code is amended by
5changing Section 1403 as follows:
6 (215 ILCS 5/1403)
7 Sec. 1403. Licensure requirements for financial
8institutions.
9 (a) A financial institution transacting insurance business
10in this State shall register with the Director pursuant to the
11Illinois Insurance Code and shall be subject to the laws,
12rules, and penalties of the Illinois Insurance Code.
13 (b) The solicitation and sale of insurance by a financial
14institution shall be conducted only by individuals who have
15been issued and maintain an insurance producer's license
16pursuant to the Illinois Insurance Code and shall be subject to
17the laws, rules, and penalties of the Illinois Insurance Code.
18 (c) For the purposes of this Section, a "financial
19institution" means the subsidiary of a financial institution
20when the financial institution is transacting insurance
21business in this State only through the subsidiary. For the
22purposes of Section 499.1 of the Illinois Insurance Code, a
23financial institution shall be deemed to be a corporation.

HB0759 Engrossed- 2 -LRB100 06797 SMS 16845 b
1 (d) Nothing in Section 500-100 of this Code shall be
2construed to require a limited lines producer license or any
3other form or class of producer's license for financial
4institutions, or their employees, if the financial institution
5has purchased or sponsored a group credit life, credit accident
6and health, credit casualty, credit property, or other group
7credit insurance policy or program under which the financial
8institution enrolls or performs other administrative services,
9or both, to enable individuals to purchase insurance coverage
10under the group credit insurance policy sold by a licensed
11producer in compliance with Section 155.56. A financial
12institution that performs enrollment or other administrative
13services, or both, with respect to its group credit insurance
14policies or programs shall be deemed to be in compliance with
15paragraph (2) of subsection (b) of Section 500-20 of this Code.
16(Source: P.A. 90-41, eff. 10-1-97.)
17 Section 99. Effective date. This Act takes effect upon
18becoming law.
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