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215 ILCS 5/500-70
(215 ILCS 5/500-70)
(Section scheduled to be repealed on January 1, 2027)
Sec. 500-70. License denial, nonrenewal, or revocation.
(a) The Director may place on probation, suspend, revoke, or refuse to issue
or renew
an insurance producer's license or may levy a civil penalty in accordance with
this Section or
take any combination of actions, for any one or more of the following causes:
(1) providing incorrect, misleading, incomplete, or | | materially untrue information in the license application;
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(2) violating any insurance laws, or violating any
| | rule, subpoena, or order of the Director or of another state's insurance commissioner;
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(3) obtaining or attempting to obtain a license
| | through misrepresentation or fraud;
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(4) improperly withholding, misappropriating or
| | converting any moneys or properties received in the course of doing insurance business;
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(5) intentionally misrepresenting the terms of an
| | actual or proposed insurance contract or application for insurance;
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(6) having been convicted of a felony, unless the
| | individual demonstrates to the Director sufficient rehabilitation to warrant the public trust; consideration of such conviction of an applicant shall be in accordance with Section 500-76;
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(7) having admitted or been found to have committed
| | any insurance unfair trade practice or fraud;
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(8) using fraudulent, coercive, or dishonest
| | practices, or demonstrating incompetence, untrustworthiness or financial irresponsibility in the conduct of business in this State or elsewhere;
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(9) having an insurance producer license, or its
| | equivalent, denied, suspended, or revoked in any other state, province, district or territory;
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(10) forging a name to an application for insurance
| | or to a document related to an insurance transaction;
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(11) improperly using notes or any other reference
| | material to complete an examination for an insurance license;
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(12) knowingly accepting insurance business from an
| | individual who is not licensed;
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(13) failing to comply with an administrative or
| | court order imposing a child support obligation;
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(14) failing to pay state income tax or penalty or
| | interest or comply with any administrative or court order directing payment of state income tax or failed to file a return or to pay any final assessment of any tax due to the Department of Revenue;
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(15) (blank); or
(16) failing to comply with any provision of the
| | Viatical Settlements Act of 2009.
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| (b) If the action by the Director is to nonrenew, suspend, or revoke a
license or to
deny an application for a license, the Director shall notify the applicant or
licensee and advise, in
writing, the applicant or licensee of the reason for the suspension,
revocation, denial or
nonrenewal of the applicant's or licensee's license. The applicant or licensee
may make written
demand upon the Director within 30 days after the date of mailing for a hearing
before the
Director to determine the reasonableness of the Director's action. The hearing
must be held
within not fewer than 20 days nor more than 30 days after the mailing of the
notice of hearing
and shall be held pursuant to 50 Ill. Adm. Code 2402.
(c) The license of a business entity may be suspended, revoked, or refused
if the
Director finds, after hearing, that an individual licensee's violation was
known or should have
been known by one or more of the partners, officers, or managers acting on
behalf of the
partnership, corporation, limited liability company, or limited liability
partnership and the
violation was neither reported to the Director nor corrective action taken.
(d) In addition to or instead of any applicable denial, suspension, or
revocation of a
license, a person may, after hearing, be subject to a civil penalty of up to
$10,000 for each cause for
denial, suspension, or revocation, however, the civil penalty may total no more
than $100,000.
(e) The Director has the authority to enforce the provisions of and impose
any penalty
or remedy authorized by this Article against any person who is under
investigation for or charged
with a violation of this Code or rules even if the person's license or
registration has been
surrendered or has lapsed by operation of law.
(f) Upon the suspension, denial, or revocation of a license, the licensee or
other
person having possession or custody of the license shall promptly deliver it to
the Director in
person or by mail. The Director shall publish all suspensions, denials, or
revocations after the
suspensions, denials, or revocations become final in a manner designed to
notify interested
insurance companies and other persons.
(g) A person whose license is revoked or whose application is denied
pursuant to this
Section is ineligible to apply for any license for 3 years after the revocation
or denial. A person
whose license as an insurance producer has been revoked, suspended, or denied
may not be
employed, contracted, or engaged in any insurance related capacity during the
time the
revocation, suspension, or denial is in effect.
(Source: P.A. 100-286, eff. 1-1-18; 100-872, eff. 8-14-18.)
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