(215 ILCS 100/10)
(from Ch. 73, par. 1610)
(a) No person, firm, association, or corporation that maintains an office,
officer, director, agent, or employee, directly or indirectly, in this State
shall act as an intermediary broker unless licensed as an insurance producer
in this State. No person, firm, association, or corporation that does not
maintain an office, officer, director, agent, or employee in this State
shall act as an intermediary broker in this State unless licensed as an
insurance producer in this State, unless licensed as an insurance producer
in another state that has a law substantially similar to this law, or unless
licensed in this State as a nonresident reinsurance intermediary.
(b) No person, firm, association, or corporation shall act as an
manager, except in compliance with this subsection, as follows:
(1) For a reinsurer domiciled in this State, unless
the intermediary manager is a licensed producer in this State.
(2) In this State, if the intermediary manager
maintains an office, either directly or as a member or employee of a firm or association, or an officer, director, or employee of a corporation, in this State, unless the intermediary manager is a licensed producer in this State.
(3) In another state for a nondomestic insurer,
unless the intermediary manager is a licensed producer in this State or another state having a law substantially similar to this law or the person is licensed in this State as a nonresident reinsurance intermediary.
(c) The Director may require an intermediary manager subject to subsection (b) to:
(1) file a bond in an amount and from an insurer
acceptable to the Director for the protection of the reinsurer; and
(2) maintain an errors and omissions policy in an
amount acceptable to the Director.
(d) The Director may issue a reinsurance intermediary license to any
person, firm, association, or corporation that has complied with the
requirements of this Act. Any license issued to a firm or association will
authorize all the members of the firm or association and any designated
employees to act as reinsurance intermediaries under the license. All of
those persons shall be named in the application and any supplements
thereto. Any license issued to a corporation shall authorize all of the
officers and any designated employees and directors thereof to act as
reinsurance intermediaries on behalf of the corporation, and all of those
persons shall be named in the application and any supplements thereto.
If the applicant for a reinsurance intermediary license is a nonresident,
the applicant, as a condition precedent to receiving or holding a license,
shall designate the Director as agent for service of process in the manner,
and with the same legal effect, provided in the Illinois Insurance Code for designation of
service of process upon unauthorized insurers. The applicant shall also
furnish the Director with the name and address of a resident of this State
upon whom notices or orders of the Director or process affecting the
nonresident reinsurance intermediary may be served. The licensee shall
promptly notify the Director in writing of every change in its designated
agent for service of process. The change shall not become effective until
acknowledged by the Director.
(e) The Director may refuse to issue a reinsurance intermediary license
if, in his judgment, the applicant, any one named on the application or any
member, principal, officer, or director of the applicant is not
trustworthy; or that any controlling person of the applicant is not
trustworthy to act as a reinsurance intermediary; or any of the foregoing
has given cause for revocation or suspension of that kind of license or
has failed to comply with any prerequisite for the issuance of the license.
Upon written request therefor, the Director will furnish a summary of the
basis for refusal to issue a license, which document shall be privileged
and not subject to the Freedom of Information Act.
(f) Licensed attorneys at law of this State, when acting in their
professional capacity as an attorney, shall be exempt from this Section.
(g) All licenses issued under this Act shall terminate 24 months following
the date of issuance and may be renewed by providing to the Director
satisfactory evidence that the reinsurance intermediary continues to meet the
requirements of this Section and upon payment of the fees specified in Section
408 of the Illinois Insurance Code.
(Source: P.A. 100-201, eff. 8-18-17.)