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91_SB0363sam003
LRB9100321JSpcam01
1 AMENDMENT TO SENATE BILL 363
2 AMENDMENT NO. . Amend Senate Bill 363, AS AMENDED,
3 in Section 5 of the bill, in Sec. 494.1, in subsection (a),
4 by replacing "has, pursuant to Section 508.2, filed a bond
5 which is in force and effect or is exempt from the
6 requirement of filing such bond; and (5)" with "has certified
7 that the, pursuant to Section 508.2, filed a bond required by
8 Section 508.2 which is in force and effect or that the
9 applicant is exempt from the requirement of obtaining filing
10 such bond; and (5)"; and
11 in Section 5 of the bill, in Sec. 494.1, in subsection (c),
12 by changing "least 15 hours" to "least 30 15 hours"; and
13 in Section 5 of the bill, in Sec. 496.2, in subsection (a),
14 by adding immediately below the last line of item (4) the
15 following:
16 "For the first license renewal period following the
17 effective date of this amendatory Act of the 91st General
18 Assembly, producers renewing a license for one year shall
19 have no continuing education requirement; producers renewing
20 a license for 2 years shall satisfactorily complete at least
21 15 hours of continuing education. All subsequent renewals
22 shall meet the continuing education requirements pursuant to
23 subsection (c) of Section 494.1 of this Act."; and
-2- LRB9100321JSpcam01
1 in Section 5 of the bill, in Sec. 508.2, by inserting
2 immediately below the last line of subsection (2) the
3 following:
4 "Insurance producers may meet the requirements of this
5 Section with a bond in the name of an association. An
6 individual producer remains responsible for assuring that a
7 producer bond is in effect and is for the correct amount.
8 The association must have been in existence for 5 years, have
9 common membership, and been formed for a purpose other than
10 obtaining a bond."; and
11 in Section 5 of the bill, in Sec. 508.2, by replacing all of
12 subsection (4) with the following:
13 "(4) Such license may be revoked shall
14 automatically terminate upon there being no bond in
15 force, or if the producer acts without a bond which is
16 required pursuant to this Section, and the license shall
17 be returned by its lawful custodian to the Director for
18 cancellation."; and
19 in Section 5 of the bill, in Sec. 509.1, in subsection (a),
20 by replacing item (4) with the following:
21 "(4) An annual $25 fee for a limited insurance
22 representative license;".