Public Act 100-0349
 
HB0759 EnrolledLRB100 06797 SMS 16845 b


  
    AN ACT concerning regulation.
  
 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:
  



 
 
    Section 5. The Illinois Insurance Code is amended  by 
changing Section 1403 as follows:
 



    (215 ILCS 5/1403)



    Sec. 1403. Licensure requirements for financial 
institutions. 

    (a)  A financial institution transacting insurance business 
in this State
shall register with the Director pursuant to the 
Illinois Insurance Code and
shall be subject to the laws, 
rules, and penalties of the Illinois Insurance
Code.

    (b) The solicitation and sale of insurance by a financial 
institution
shall be conducted only by individuals who have 
been issued and maintain an
insurance producer's license 
pursuant to the Illinois Insurance Code and shall
be subject to 
the laws, rules, and penalties of the Illinois Insurance Code.

    (c)  For the purposes of this Section, a "financial 
institution" means the
subsidiary of a financial institution 
when the financial institution is
transacting insurance 
business in this State only through the subsidiary.  For
the 
purposes of Section 499.1 of the Illinois Insurance Code, a 
financial
institution shall be deemed to be a corporation.

    (d) Nothing in Section 500-100 of this 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 credit life, credit accident 
and health, credit casualty, credit property, or other group 
credit insurance policy or program under which the financial 
institution enrolls or performs other administrative services, 
or both, to enable individuals to purchase insurance coverage 
under the group credit insurance policy sold by a licensed 
producer in compliance with Section 155.56.  A financial 
institution that performs enrollment or other administrative 
services, or both, with respect to its group credit insurance 
policies or programs shall be deemed to be in compliance with 
paragraph (2) of subsection (b) of Section 500-20 of this Code. 
(Source: P.A. 90-41, eff. 10-1-97.)

 
 
    Section 99. Effective date. This Act takes effect upon 
becoming law.