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90_HB0223eng
215 ILCS 5/493.1 rep.
Amends the Illinois Insurance Code. Repeals a Section
concerning single case appointment of agents by insurer.
LRB9001100JSgc
HB0223 Engrossed LRB9001100JSgc
1 AN ACT concerning insurance sales, amending a named Act.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 1. The Illinois Insurance Code is amended by
5 changing Sections 491.1 and 499.1 as follows:
6 (215 ILCS 5/491.1) (from Ch. 73, par. 1065.38-1)
7 Sec. 491.1. Definitions. In addition to the definitions
8 in Section 2, the following definitions apply to this
9 Article.
10 (a) Insurance. Insurance is any of the classes of
11 insurance found in Section 4.
12 (b) Insurance Producer. An insurance producer is an
13 individual who solicits, negotiates, effects, procures,
14 renews, continues or binds policies of insurance covering
15 property or risks located in Illinois.
16 (c) License. A license is a document authorizing an
17 individual to act as an insurance producer, limited insurance
18 representative or temporary insurance producer, as specified
19 in such document.
20 (d) Limited Insurance Representative. A limited
21 insurance representative is an individual appointed by an
22 insurance company to represent that company regarding the
23 types of insurance set forth in Section 495.1.
24 (e) Registered Firm. A registered firm is a
25 corporation, or partnership, or limited liability company
26 which transacts the business of insurance as an insurance
27 agency.
28 (Source: P.A. 85-334.)
29 (215 ILCS 5/499.1) (from Ch. 73, par. 1065.46-1)
30 Sec. 499.1. Registered firms.
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1 (a) Any corporation, or partnership, or limited
2 liability company transacting insurance business as an
3 insurance agency shall register with the Director before
4 transacting insurance business in this State. Such
5 registration shall remain in effect as long as the firm pays
6 the annual fee required by Section 509.1 of this Code by the
7 date due, unless the registration is revoked or suspended
8 pursuant to Section 505.1 of this Code.
9 (b) Each firm required to register before acting as a
10 registered firm pursuant to this Article shall appoint one or
11 more licensed insurance producers who are officers,
12 directors, or partners in the firm to be responsible for the
13 firm's compliance with the insurance laws and Title 50 of the
14 Illinois Administrative Code. Such individual or individuals
15 shall submit to the Director a registration form and the fees
16 required by Section 509.1. The Director shall prescribe the
17 registration form and may require any documents reasonably
18 necessary to verify the information contained in the
19 registration form. Within 30 days of a change in officers,
20 directors, or partners who are appointed to be responsible
21 for the firm's compliance with the insurance laws and Title
22 50 of the Illinois Administrative Code, the firm shall report
23 the change to the Department.
24 (c) The registered firm shall inform the Director in
25 writing of a change in its business address within 30 days of
26 such change.
27 (d) Each registered firm shall disclose its members,
28 officers or directors who are authorized to act as insurance
29 producers, and report any changes in such personnel to the
30 Director within 30 days of such changes.
31 (e) A registered firm may not be a national bank located
32 in a city, village or incorporated town with a population
33 exceeding 5,000 according to the last federal census, a State
34 bank or a trust company, or a subsidiary, affiliate, officer
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1 or employee of any such national or State bank or trust
2 company contributing directly or indirectly to the income of
3 such bank or trust company any profit or fees or part thereof
4 derived from the solicitation, negotiation or effecting of
5 insurance.
6 (Source: P.A. 89-240, eff. 1-1-96.)
7 (215 ILCS 5/493.1 rep.)
8 Section 5. The Illinois Insurance Code is amended by
9 repealing Section 493.1.