TITLE 50: INSURANCE
CHAPTER I: DEPARTMENT OF INSURANCE
SUBCHAPTER ii: INSURANCE PRODUCERS, LIMITED INSURANCE REPRESENTATIVES AND BUSINESS ENTITIES
PART 3121
PRODUCER LICENSING
SECTION 3121.10 PURPOSE
Section 3121.10 Purpose
The purpose of this Part is to establish
requirements for individual insurance producers and business entity producers
that the Director deems necessary to carry out the provisions of Sections
500-10 through 500-155 of the Illinois Insurance Code. Failure to adhere to
the standards set forth in this Part will subject the offender, in addition to
any other penalties or remedies provided by law, to proceedings under Article
XXXI of the Code. Specifically, this Part establishes the following:
a) defines the term "resident";
b) requires the Designated Responsible
Licensed Producer (DRLP) of a business entity to be an owner, member, partner,
officer or director of the business entity;
c) sets the expiration date of a business
entity license to be reciprocal with the NAIC resident business rules;
d) defines the expiration date of a first time
individual insurance license as that person's birth month;
e) allows the Department five business days to
receive and distribute reported pre-licensing and continuing education before
an applicant can apply or renew a license;
f) requires individual and business entities
to provide an email address on their Insurance Producer and Business Entity
Producer applications; and
g) requires that the individual or business entity
notify the Director within 30 days after an email address change.
(Source: Amended
at 43 Ill. Reg. 409, effective December 21, 2018)
 | TITLE 50: INSURANCE
CHAPTER I: DEPARTMENT OF INSURANCE
SUBCHAPTER ii: INSURANCE PRODUCERS, LIMITED INSURANCE REPRESENTATIVES AND BUSINESS ENTITIES
PART 3121
PRODUCER LICENSING
SECTION 3121.20 DEFINITIONS
Section 3121.20 Definitions
For the purposes of this Part, the
following definitions shall apply:
"Business
Entity Producer" means a corporation, association, partnership, limited
liability company, limited liability partnership, or other legal entity.
"Code"
means the Illinois Insurance Code [215 ILCS 5].
"Department"
means the Department of Insurance.
"Designated
Responsible Licensed Producer" or "DRLP" means the individual
responsible for the business entity's compliance with the insurance laws, rules
and regulations of this State.
"Director"
means the Director of the Department of Insurance of the State of Illinois or
anyone to whom the Director's responsibilities and authority are lawfully
delegated.
"Insurance
Producer" means a person required to be licensed under the laws of this
State to sell, solicit or negotiate insurance.
"Resident"
means an individual who is in this State for other than a temporary or
transitory purpose during the taxable year for at least 51% of the year.
| TITLE 50: INSURANCE
CHAPTER I: DEPARTMENT OF INSURANCE
SUBCHAPTER ii: INSURANCE PRODUCERS, LIMITED INSURANCE REPRESENTATIVES AND BUSINESS ENTITIES
PART 3121
PRODUCER LICENSING
SECTION 3121.30 INSURANCE PRODUCER
Section 3121.30
Insurance Producer
a) A first time applicant for an insurance
producer license will receive a prorated fee for the initial insurance license
so that the license's biennial expiration date can be set for the applicant's
birth month. This date shall be no less than 18 months and no more than 29
months after the date of issuance.
b) All individual applicants must allow five
business days for the Department to receive and distribute reported
pre-licensing and continuing education documentation before an applicant can
apply or renew a license with the Department.
c) Applicants must provide an email address on
their insurance producer applications and notify the Director, through U.S.
mail sent to the Department of Insurance, Licensing Unit, 320 West Washington
Street, Springfield, Illinois 62767 and/or through contacting NIPR.com, of a
change of email address within 30 days after the change.
| TITLE 50: INSURANCE
CHAPTER I: DEPARTMENT OF INSURANCE
SUBCHAPTER ii: INSURANCE PRODUCERS, LIMITED INSURANCE REPRESENTATIVES AND BUSINESS ENTITIES
PART 3121
PRODUCER LICENSING
SECTION 3121.40 BUSINESS ENTITY PRODUCER
Section 3121.40 Business Entity Producer
a) A
business entity producer license will expire on May 31 biennially.
b) Each business entity, at the time of
application, shall designate at least one individual as the entity's DRLP. The
DRLP must have an active resident or nonresident producer license in Illinois
and must be an owner, member, partner, officer or director of the business
entity who is responsible for the business entity's compliance with the
insurance laws and rules of this State.
c) If the business entity or its officers,
directors, members or partners acting in behalf of the business entity commits
an act or acts that could cause an insurance producer to be subject to the
provisions of Section 500-70 of the Code, then any officer, director, member or
partner engaged in those acts will be subject to the terms set forth in Section
500-70.
(Source: Amended at 43 Ill. Reg. 409, effective December
21, 2018)
| TITLE 50: INSURANCE
CHAPTER I: DEPARTMENT OF INSURANCE
SUBCHAPTER ii: INSURANCE PRODUCERS, LIMITED INSURANCE REPRESENTATIVES AND BUSINESS ENTITIES
PART 3121
PRODUCER LICENSING
SECTION 3121.50 SEVERABILITY
Section 3121.50 Severability
If any Section or portion of a Section of
this Part, or the applicability thereof to any person or
circumstance is held invalid by a court,
the remainder of the Part, or the applicability to other persons or circumstances,
shall not be affected.
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