Sen. William R. Haine
Filed: 4/15/2016
 
 

 

 

 
09900SB3024sam001LRB099 20642 EGJ 47559 a



1
AMENDMENT TO SENATE BILL 3024 




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 
8institutions. 

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 
 
 
09900SB3024sam001- 2 -LRB099 20642 EGJ 47559 a

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.".