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


Sen. William R. Haine

Filed: 4/15/2016





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2    AMENDMENT NO. ______. Amend Senate Bill 3024 by replacing
3everything after the enacting clause with the following:
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



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1the laws, rules, and penalties of the Illinois Insurance Code.
2    (c) For the purposes of this Section, a "financial
3institution" means the subsidiary of a financial institution
4when the financial institution is transacting insurance
5business in this State only through the subsidiary. For the
6purposes of Section 499.1 of the Illinois Insurance Code, a
7financial institution shall be deemed to be a corporation.
8    (d) Nothing in Section 500-100 of this Code shall be
9construed to require a limited lines producer license or any
10other form or class of producer's license for financial
11institutions, or their employees, if the financial institution
12has purchased or sponsored a group or individual credit life,
13credit accident and health, credit casualty, credit property,
14or other credit insurance policy or program under which the
15financial institution enrolls or performs other administrative
16services to enable individuals to purchase insurance coverage
17under the group or individual credit insurance policy from a
18licensed producer in compliance with Section 155.56 and
19paragraph (2) of subsection (b) of Section 500-20 of this Code.
20(Source: P.A. 90-41, eff. 10-1-97.)
21    Section 99. Effective date. This Act takes effect upon
22becoming law.".