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90_HB0223ham001
LRB9001100JSccam
1 AMENDMENT TO HOUSE BILL 223
2 AMENDMENT NO. . Amend House Bill 223 by replacing
3 the title with the following:
4 "AN ACT concerning insurance sales, amending a named
5 Act."; and
6 by inserting immediately below the enacting clause the
7 following:
8 "Section 1. The Illinois Insurance Code is amended by
9 changing Sections 491.1 and 499.1 as follows:
10 (215 ILCS 5/491.1) (from Ch. 73, par. 1065.38-1)
11 Sec. 491.1. Definitions. In addition to the definitions
12 in Section 2, the following definitions apply to this
13 Article.
14 (a) Insurance. Insurance is any of the classes of
15 insurance found in Section 4.
16 (b) Insurance Producer. An insurance producer is an
17 individual who solicits, negotiates, effects, procures,
18 renews, continues or binds policies of insurance covering
19 property or risks located in Illinois.
20 (c) License. A license is a document authorizing an
21 individual to act as an insurance producer, limited insurance
-2- LRB9001100JSccam
1 representative or temporary insurance producer, as specified
2 in such document.
3 (d) Limited Insurance Representative. A limited
4 insurance representative is an individual appointed by an
5 insurance company to represent that company regarding the
6 types of insurance set forth in Section 495.1.
7 (e) Registered Firm. A registered firm is a
8 corporation, or partnership, or limited liability company
9 which transacts the business of insurance as an insurance
10 agency.
11 (Source: P.A. 85-334.)
12 (215 ILCS 5/499.1) (from Ch. 73, par. 1065.46-1)
13 Sec. 499.1. Registered firms.
14 (a) Any corporation, or partnership, or limited
15 liability company transacting insurance business as an
16 insurance agency shall register with the Director before
17 transacting insurance business in this State. Such
18 registration shall remain in effect as long as the firm pays
19 the annual fee required by Section 509.1 of this Code by the
20 date due, unless the registration is revoked or suspended
21 pursuant to Section 505.1 of this Code.
22 (b) Each firm required to register before acting as a
23 registered firm pursuant to this Article shall appoint one or
24 more licensed insurance producers who are officers,
25 directors, or partners in the firm to be responsible for the
26 firm's compliance with the insurance laws and Title 50 of the
27 Illinois Administrative Code. Such individual or individuals
28 shall submit to the Director a registration form and the fees
29 required by Section 509.1. The Director shall prescribe the
30 registration form and may require any documents reasonably
31 necessary to verify the information contained in the
32 registration form. Within 30 days of a change in officers,
33 directors, or partners who are appointed to be responsible
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1 for the firm's compliance with the insurance laws and Title
2 50 of the Illinois Administrative Code, the firm shall report
3 the change to the Department.
4 (c) The registered firm shall inform the Director in
5 writing of a change in its business address within 30 days of
6 such change.
7 (d) Each registered firm shall disclose its members,
8 officers or directors who are authorized to act as insurance
9 producers, and report any changes in such personnel to the
10 Director within 30 days of such changes.
11 (e) A registered firm may not be a national bank located
12 in a city, village or incorporated town with a population
13 exceeding 5,000 according to the last federal census, a State
14 bank or a trust company, or a subsidiary, affiliate, officer
15 or employee of any such national or State bank or trust
16 company contributing directly or indirectly to the income of
17 such bank or trust company any profit or fees or part thereof
18 derived from the solicitation, negotiation or effecting of
19 insurance.
20 (Source: P.A. 89-240, eff. 1-1-96.)".