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Public Act 100-0349


 

Public Act 0349 100TH GENERAL ASSEMBLY

  
  
  

 


 
Public Act 100-0349
 
HB0759 EnrolledLRB100 06797 SMS 16845 b

    AN ACT concerning regulation.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Illinois Insurance Code is amended by
changing Section 1403 as follows:
 
    (215 ILCS 5/1403)
    Sec. 1403. Licensure requirements for financial
institutions.
    (a) A financial institution transacting insurance business
in this State shall register with the Director pursuant to the
Illinois Insurance Code and shall be subject to the laws,
rules, and penalties of the Illinois Insurance Code.
    (b) The solicitation and sale of insurance by a financial
institution shall be conducted only by individuals who have
been issued and maintain an insurance producer's license
pursuant to the Illinois Insurance Code and shall be subject to
the laws, rules, and penalties of the Illinois Insurance Code.
    (c) For the purposes of this Section, a "financial
institution" means the subsidiary of a financial institution
when the financial institution is transacting insurance
business in this State only through the subsidiary. For the
purposes of Section 499.1 of the Illinois Insurance Code, a
financial institution shall be deemed to be a corporation.
    (d) Nothing in Section 500-100 of this 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 credit life, credit accident
and health, credit casualty, credit property, or other group
credit insurance policy or program under which the financial
institution enrolls or performs other administrative services,
or both, to enable individuals to purchase insurance coverage
under the group credit insurance policy sold by a licensed
producer in compliance with Section 155.56. A financial
institution that performs enrollment or other administrative
services, or both, with respect to its group credit insurance
policies or programs shall be deemed to be in compliance with
paragraph (2) of subsection (b) of Section 500-20 of this Code.
(Source: P.A. 90-41, eff. 10-1-97.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/25/2017