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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB0692 Introduced 1/30/2017, by Sen. John G. Mulroe SYNOPSIS AS INTRODUCED:
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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.
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| | A BILL FOR |
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| | SB0692 | | LRB100 06796 SMS 16844 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Insurance Code is amended by |
| 5 | | changing Section 1403 as follows:
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| 6 | | (215 ILCS 5/1403)
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| 7 | | Sec. 1403. Licensure requirements for financial |
| 8 | | institutions.
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| 9 | | (a) A financial institution transacting insurance business |
| 10 | | in this State
shall register with the Director pursuant to the |
| 11 | | Illinois Insurance Code and
shall be subject to the laws, |
| 12 | | rules, and penalties of the Illinois Insurance
Code.
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| 13 | | (b) The solicitation and sale of insurance by a financial |
| 14 | | institution
shall be conducted only by individuals who have |
| 15 | | been issued and maintain an
insurance producer's license |
| 16 | | pursuant to the Illinois Insurance Code and shall
be subject to |
| 17 | | the laws, rules, and penalties of the Illinois Insurance Code.
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| 18 | | (c) For the purposes of this Section, a "financial |
| 19 | | institution" means the
subsidiary of a financial institution |
| 20 | | when the financial institution is
transacting insurance |
| 21 | | business in this State only through the subsidiary. For
the |
| 22 | | purposes of Section 499.1 of the Illinois Insurance Code, a |
| 23 | | financial
institution shall be deemed to be a corporation.
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