FINAN INST INSURANCE SALES LAW
Synopsis of Bill as introduced:
Amends the Illinois Banking Act, the Illinois Savings and Loan
Act of 1985, the Savings Bank Act, the Illinois Credit Union Act, the
Corporate Fiduciary Act, and the Illinois Insurance Code. Authorizes
financial institutions to act as agents for insurance companies.
Establishes license requirements for insurance sales. Sets forth
standards of conduct. Provides that a financial institution
transacting an insurance business prior to the effective date of this
amendatory Act has 180 days after that effective date to bring its
insurance operations into compliance with the provisions of this
amendatory Act. Effective immediately.
FISCAL NOTE (Dept. of Insurance)
The Dept. does not anticipate any increased cost due to HB375.
Last action on Bill: SESSION SINE DIE
Last action date: 99-01-12
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status