Illinois General Assembly - Bill Status for SB3024
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 Bill Status of SB3024  102nd General Assembly


Short Description:  PRODUCER LICENSE-BANKS

Senate Sponsors
Sen. William R. Haine and Laura M. Murphy

House Sponsors
(Rep. Lou Lang)

Last Action
DateChamber Action
  1/10/2017SenateSession Sine Die

Statutes Amended In Order of Appearance
215 ILCS 5/500-100
215 ILCS 5/1403


Synopsis As Introduced
Amends the Illinois Insurance Code. In a provision concerning limited lines producer licenses, provides that nothing 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 credit life, credit accident and health, credit casualty, or credit property 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 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. In a provision concerning licensure requirements for financial institutions, provides that nothing in the Code or in any other law of this State shall be construed to require a financial institution, or the officers or employees of the financial institution, to become licensed under the Code in order to offer any line of insurance that is excluded from the definition of insurance under the Code if that line of insurance is offered in relation to the financial institution's banking business. Provides that for limited purposes, a financial institution, or its officers or employees, that perform administrative services related to lines of insurance excluded from the definition of insurance under the Code, including, but not limited to, marketing, sponsorship, enrollment, and insurance plan certificate issuance services, shall be deemed to be offering insurance related to the financial institution's banking business. Effective immediately.

Senate Floor Amendment No. 1
Deletes reference to:
215 ILCS 5/500-100

Replaces everything after the enacting clause. 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.

Actions 
DateChamber Action
  2/18/2016SenateFiled with Secretary by Sen. William R. Haine
  2/18/2016SenateFirst Reading
  2/18/2016SenateReferred to Assignments
  3/8/2016SenateAssigned to Insurance
  4/6/2016SenateDo Pass Insurance; 013-000-000
  4/6/2016SenatePlaced on Calendar Order of 2nd Reading April 7, 2016
  4/15/2016SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. William R. Haine
  4/15/2016SenateSenate Floor Amendment No. 1 Referred to Assignments
  4/19/2016SenateSenate Floor Amendment No. 1 Assignments Refers to Insurance
  4/19/2016SenateSecond Reading
  4/19/2016SenatePlaced on Calendar Order of 3rd Reading April 20, 2016
  4/20/2016SenateSenate Floor Amendment No. 1 Recommend Do Adopt Insurance; 011-000-000
  4/21/2016SenateRecalled to Second Reading
  4/21/2016SenateSenate Floor Amendment No. 1 Adopted; Haine
  4/21/2016SenatePlaced on Calendar Order of 3rd Reading
  4/21/2016SenateThird Reading - Passed; 053-000-000
  4/22/2016HouseArrived in House
  4/22/2016HouseChief House Sponsor Rep. Lou Lang
  4/22/2016HouseFirst Reading
  4/22/2016HouseReferred to Rules Committee
  5/31/2016SenateAdded as Co-Sponsor Sen. Laura M. Murphy
  1/10/2017SenateSession Sine Die

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