Illinois General Assembly - Full Text of HB0759
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Full Text of HB0759  100th General Assembly




HB0759 EnrolledLRB100 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
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 Enrolled- 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.