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 Bill Status of SB0692  100th General Assembly


Short Description:  INS CD-PRODUCER LICENSE-BANKS

Senate Sponsors
Sen. John G. Mulroe

Last Action
DateChamber Action
  8/4/2017SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments

Statutes Amended In Order of Appearance
215 ILCS 5/1403


Synopsis As Introduced
Amends the Illinois Insurance Code. In a provision concerning licensure requirements for financial institutions, provides that nothing in a provision concerning limited lines producer licenses in the Code shall be construed to require a limited lines producer license or any other form or class of producer's license for financial institutions, or their employees, if the financial institution has purchased or sponsored a group or individual credit life, credit accident and health, credit casualty, credit property, or other credit insurance policy or program under which the financial institution enrolls or performs other administrative services to enable individuals to purchase insurance coverage under the group or individual credit insurance policy from a licensed producer in compliance with provisions concerning license exceptions and credit life and credit accident and health insurance policies under the Code. Effective immediately.

Senate Committee Amendment No. 1
In provisions exempting financial institutions from being licensed as limited lines producers when purchasing or sponsoring certain credit insurance policies or programs, changes the type of policies or programs that exempt the financial institution to group credit life, credit accident and health, credit casualty, credit property, or other group credit insurance policies or programs under which the financial institution enrolls or performs other administrative services, or both. Provides that a financial institution that performs enrollment or other administrative services, or both, with respect to its group credit insurance policies or programs are exempt from being licensed as insurance producers.

Actions 
DateChamber Action
  1/30/2017SenateFiled with Secretary by Sen. John G. Mulroe
  1/30/2017SenateFirst Reading
  1/30/2017SenateReferred to Assignments
  2/1/2017SenateAssigned to Insurance
  2/14/2017SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. John G. Mulroe
  2/14/2017SenateSenate Committee Amendment No. 1 Referred to Assignments
  2/28/2017SenateSenate Committee Amendment No. 1 Assignments Refers to Insurance
  3/1/2017SenateSenate Committee Amendment No. 1 Adopted
  3/1/2017SenateDo Pass as Amended Insurance; 015-000-000
  3/1/2017SenatePlaced on Calendar Order of 2nd Reading March 2, 2017
  3/14/2017SenateSecond Reading
  3/14/2017SenatePlaced on Calendar Order of 3rd Reading March 15, 2017
  8/4/2017SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments

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