House Sponsors: PARKE-BLACK-OSMOND-MAUTINO. Senate Sponsors: MADIGAN,R Short description: 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 producer. 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 of authority. Last action on Bill: PUBLIC ACT.............................. 92-0386 Last action date: AUG-16-2001 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 3 SENATE - 1 END OF INQUIRY Full Text Bill Status