Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as
Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
(215 ILCS 5/500-100)
(Section scheduled to be repealed on January 1, 2027)
Sec. 500-100. Limited lines producer license.
(a) An individual who is at least 18 years of age and whom the Director
considers to
be competent, trustworthy, and of good business reputation may obtain a limited
lines producer
license for one or more of the following classes:
(1) travel insurance, as defined in Section 500-10 of |
|
(2) industrial life insurance, as defined in Section
|
|
(3) industrial accident and health insurance, as
|
| defined in Section 368 of this Code;
|
|
(4) insurance issued by a company organized under the
|
| Farm Mutual Insurance Company Act of 1986;
|
|
(5) legal expense insurance;
(6) enrollment of recipients of public aid or
|
| medicare in a health maintenance organization;
|
|
(7) a limited health care plan issued by an
|
| organization having a certificate of authority under the Limited Health Service Organization Act;
|
|
(8) credit life and credit accident and health
|
| insurance and other credit insurance policies approved or permitted by the Director; a credit insurance company must conduct a training program in which an applicant shall receive basic instruction about the credit insurance products that he or she will be selling.
|
|
(b) The application for a limited lines producer license must be submitted
on a form
prescribed by the Director by a designee of the insurance company, health
maintenance
organization, or limited health service organization appointing the limited
insurance
representative. The insurance company, health maintenance organization, or
limited health
service organization must pay the fee required by Section 500-135.
(c) A limited lines producer may represent more than one insurance company,
health
maintenance organization, or limited health service organization.
(d) An applicant who has met the requirements of this Section shall be
issued a
perpetual limited lines producer license.
(e) A limited lines producer license shall remain in effect as long as the
appointing
insurance company pays the respective fee required by Section 500-135 prior to
January 1 of
each year, unless the license is revoked or suspended pursuant to
Section 500-70. Failure of the
insurance company to pay the license fee or to submit the required documents
shall cause
immediate termination of the limited line insurance producer license with
respect to which the
failure occurs.
(f) A limited lines producer license may be terminated by the insurance
company or
the licensee.
(g) A person whom the Director considers to be competent, trustworthy, and
of
good
business reputation may be issued a car rental limited line license. A car
rental limited line
license for a rental company shall remain in effect as long as the car rental
limited line licensee
pays the respective fee required by Section 500-135 prior to the next fee date
unless the car rental
license is revoked or suspended pursuant to Section 500-70. Failure of the car
rental limited line
licensee to pay the license fee or to submit the required documents shall cause
immediate
suspension of the car rental limited line license. A car rental limited line
license for rental
companies may be voluntarily
terminated by the car rental limited line licensee. The license fee
shall not be refunded upon termination of the car rental limited line license
by the car rental
limited line licensee.
(g-5) A business entity may be issued a limited lines producer license for credit life and credit accident and health insurance and other credit insurance policies approved or permitted by the Director, provided that:
(1) application for the limited lines producer
|
| license for credit insurance is made on a form specified by the Director;
|
|
(2) the appointing insurance company has paid the
|
| application fee amount required by the Director for the business entity's application; and
|
|
(3) the business entity has designated an individual
|
| with an in force limited license producer license issued under paragraph (8) of subsection (a) of this Section to be responsible for the business entity's compliance with the insurance laws and regulations of this State related to credit life and credit accident and health insurance and other credit insurance policies approved or permitted by the Director that are offered or sold by that business entity.
|
|
Except as specifically authorized by paragraph (8) of subsection (a) of this Section or this subsection (g-5), a business entity holding a limited lines license under this subsection (g-5) may not advertise, represent, or otherwise hold itself or any of its employees out as licensed insurers, insurance producers, insurance agents, or insurance brokers.
(h) A limited lines producer issued a license pursuant to this Section is
not
subject to
the requirements of Section 500-30.
(i) A limited lines producer license must contain the name, address and
personal
identification number of the licensee, the date the license was issued,
general conditions relative
to the license's expiration or termination, and any other information the
Director considers
proper. A limited line producer license, if applicable, must also contain the
name and address of
the appointing insurance company.
(Source: P.A. 98-159, eff. 8-2-13; 98-756, eff. 7-16-14; 98-1165, eff. 6-1-15; 99-161, eff. 1-1-16.)
|
