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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Engrossed.html

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HB0759 Engrossed LRB100 06797 SMS 16845 b
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.

HB0759 Engrossed - 2 - LRB100 06797 SMS 16845 b
(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.