92nd General Assembly
Summary of SB0333
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Senate Sponsors:
WALSH,T-JACOBS-WALSH,L AND HENDON.

House Sponsors:
MAUTINO-YARBROUGH

Short description: 
INS PRODUCER OWN INSURED DATA                                              

Synopsis of Bill as introduced:
        Amends the Illinois Insurance Code. Provides  that  policyholders      
   and  their  insurance  producers have exclusive rights to confidential      
   information of an insured relating to the insured  and  the  insured's      
   insurance policy. Prohibits use of that information, commonly known as      
   "expirations",  by  persons  other  than  the  insurance  producer for      
   purposes of marketing insurance or other products. Does not  apply  to      
   life and health insurance or when the producer acts under an exclusive      
   contract  with  the insurer or when the insured makes written requests      
   for additional  insurance  sales.  Provides  for  enforcement  by  the      
   Director of Insurance. Effective immediately.                               
        SENATE AMENDMENT NO. 1.                                                
        Provides that the expirations are owned by  the  registered  firm      
   rather  than  the  insurance producer.  Provides an exception from the      
   ownership of expirations rules  for  situations  where  producers  act      
   primarily for one company or affiliated group of companies and defines      
   the  term "primarily". Deletes provision granting producers a right to      
   claim for lost commissions and other relief for violations.                 
        SENATE AMENDMENT NO. 3.                                                
          Deletes reference to:                                                
          215 ILCS 5/507.new                                                   
          Adds reference to:                                                   
          215 ILCS 5/507.2 new                                                 
        Replaces  everything  after  the  enacting  clause.  Amends   the      
   Illinois   Insurance   Code.   Provides  that  policyholders  and  the      
   registered  firms  who  sold  the  policy  have  exclusive  rights  to      
   confidential information of an insured relating to the insured and the      
   insured's  insurance  policy.  Prohibits  use  of  that   information,      
   commonly known as "expirations", by persons or entities other than the      
   registered firm for purposes of marketing insurance or other products.      
   Provides  exceptions for banks and other financial institutions.  Does      
   not apply to life and health  insurance  or  when  the  producer  acts      
   primarily  for one company or an affiliated group of companies or when      
   the insured makes written requests  for  additional  insurance  sales.      
   Deletes  provision  granting  producers  a  right  to  claim  for lost      
   commissions and other relief for violations.  Effective immediately.        
        HOUSE AMENDMENT NO. 1.                                                 
        Provides that financial institutions may obtain expiration  dates      
   from  insurers and others with respect to insurance on collateral used      
   as security for a loan made by the financial institution.                   
 
Last action on Bill: PUBLIC ACT.............................. 92-0005

   Last action date: JUN-01-2001

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   2


   END OF INQUIRY 



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