92nd General Assembly
Summary of HB2994
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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      
        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


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