Illinois General Assembly - Full Text of SB3024
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Full Text of SB3024  99th General Assembly




SB3024 EngrossedLRB099 20642 EGJ 45237 b

1    AN ACT concerning regulation.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Illinois Insurance Code is amended by
5changing Section 1403 as follows:
6    (215 ILCS 5/1403)
7    Sec. 1403. Licensure requirements for financial
9    (a) A financial institution transacting insurance business
10in this State shall register with the Director pursuant to the
11Illinois Insurance Code and shall be subject to the laws,
12rules, and penalties of the Illinois Insurance Code.
13    (b) The solicitation and sale of insurance by a financial
14institution shall be conducted only by individuals who have
15been issued and maintain an insurance producer's license
16pursuant to the Illinois Insurance Code and shall be subject to
17the laws, rules, and penalties of the Illinois Insurance Code.
18    (c) For the purposes of this Section, a "financial
19institution" means the subsidiary of a financial institution
20when the financial institution is transacting insurance
21business in this State only through the subsidiary. For the
22purposes of Section 499.1 of the Illinois Insurance Code, a
23financial institution shall be deemed to be a corporation.



SB3024 Engrossed- 2 -LRB099 20642 EGJ 45237 b

1    (d) Nothing in Section 500-100 of this Code shall be
2construed to require a limited lines producer license or any
3other form or class of producer's license for financial
4institutions, or their employees, if the financial institution
5has purchased or sponsored a group or individual credit life,
6credit accident and health, credit casualty, credit property,
7or other credit insurance policy or program under which the
8financial institution enrolls or performs other administrative
9services to enable individuals to purchase insurance coverage
10under the group or individual credit insurance policy from a
11licensed producer in compliance with Section 155.56 and
12paragraph (2) of subsection (b) of Section 500-20 of this Code.
13(Source: P.A. 90-41, eff. 10-1-97.)
14    Section 99. Effective date. This Act takes effect upon
15becoming law.