SB2528 99TH GENERAL ASSEMBLY

LRB099 18502 EGJ 42881 b

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.

A BILL FOR

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 500-65 as follows:

(215 ILCS 5/500-65)

(Section scheduled to be repealed on January 1, 2017)

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

(a) The Director may grant a temporary insurance producer license to an applicant for an insurance producer license, without requiring an examination, for a period of 90 days, when the applicant otherwise meets the requirements of this Article. During that 90-day period, the applicant must be enrolled in a training course or training program conducted by or on behalf of the appointing insurance company and be in the process of fulfilling the pre-licensing requirements of Sections 500-25 and 500-30.

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

(c) The Director may refuse to grant temporary insurance producer licenses to applicants from an insurance company when during a 6-month period more than 25% 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.

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

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