99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB2528
 
Introduced 2/16/2016, by Sen. William R. Haine
 
SYNOPSIS AS INTRODUCED:
 

 
  
215 ILCS 5/500-65

     Amends the Illinois Insurance Code. Provides that the Director of Insurance may refuse to grant temporary insurance producer licenses to applicants from an insurance company when during a 6-month period more than 25% (currently 50%) of that company's temporary insurance producer license holders have failed to obtain insurance producer licenses prior to the expiration of their temporary insurance producer licenses.
  


LRB099 18502 EGJ 42881 b

 
 
A BILL FOR
 

  
SB2528LRB099 18502 EGJ 42881 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 500-65 as follows:
 



6    (215 ILCS 5/500-65)


7    (Section scheduled to be repealed on January 1, 2017)

8    Sec. 500-65. Temporary insurance producer license for an 
9applicant. 

10    (a) The Director may grant a temporary insurance producer 
11license to an
applicant for
an insurance producer license, 
12without requiring an examination, for a period
of 90 days, when

13the applicant otherwise meets the requirements of this Article. 
14During that
90-day period, the
applicant must be enrolled in a 
15training course or training program conducted
by or on behalf 
16of
the appointing insurance company and be in the process of 
17fulfilling the
pre-licensing
requirements of Sections 500-25 
18and 500-30.

19    (b) An individual applicant may not hold more than one 
20temporary insurance
producer license during his or her 
21lifetime.

22    (c) The Director may refuse to grant temporary insurance 
23producer licenses
to
applicants from an insurance company when 
 
 
SB2528- 2 -LRB099 18502 EGJ 42881 b

1during a 6-month period more than 25% 50%
of that
company's 
2temporary insurance producer license holders have failed to 
3obtain
insurance producer
licenses prior to the expiration of 
4their temporary insurance producer
licenses.

5    (d) Before the Director approves any temporary insurance 
6producer license,
the
insurance company requesting the license 
7must file with the Director an
application and the fee
required 
8by Section 500-135. The application must be made on the form 
9and in
the manner the
Director requires.

10(Source: P.A. 92-386, eff. 1-1-02.)