INSURANCE PRODUCER LICENSING
Synopsis of Bill as introduced:
Amends the Illinois Insurance Code. Provides for the licensing
and regulation of insurance producers. Sets forth the powers of the
Department of Insurance with respect to enforcement and disciplinary
proceedings. Establishes fees for licenses and applications. Provides
for the licensing of persons engaged in providing continuing education
materials. Provides for reciprocity with respect to insurance
producers licensed in other jurisdictions. Effective January 1, 2002.
HOUSE AMENDMENT NO. 1.
Provides that no liability shall arise as a result of disclosure
to or by the Director of Insurance or other regulatory organization of
information regarding termination of employment of an insurance
producer. Removes provision that an absence of actual malice is
necessary to preclude liability.
HOUSE AMENDMENT NO. 2.
Adds reference to:
215 ILCS 5/445 from Ch. 73, par. 1057
Amends the Illinois Insurance Code. Provides that surplus lines
producers must complete a prelicensing course of study rather than
pass an examination before obtaining a license as a surplus lines
HOUSE AMENDMENT NO. 3.
Provides that notice to an insured regarding compensation of a
producer needs to include an acknowledgement signed by the insured
only when the compensation exceeds 10% of the premium. Provides for
prorated refunds of the compensation if a policy is cancelled.
SENATE AMENDMENT NO. 1.
Provides that if a policy or contract is canceled within the
first half of its term, rather than at any time, the producer must
return to the insured at a prorated amount any compensation or service
fee the producer received on the contract or policy. Provides that
failure to report the termination of a business relationship between
an insurer and a producer based upon cause that is a basis for
disciplinary action may be punished by the imposition of a civil
penalty or by suspension or revocation of any license or certificate
Last action on Bill: PUBLIC ACT.............................. 92-0386
Last action date: AUG-16-2001
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 3 SENATE - 1
END OF INQUIRY
Full Text Bill Status