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(215 ILCS 5/500-60)
(Section scheduled to be repealed on January 1, 2027)
Sec. 500-60. Temporary licensing.
(a) The Director may issue a temporary insurance producer license for a
period not to
exceed 180 days and, at the discretion of the Director, may renew the temporary
producer license
for an additional 180 days without requiring an examination if the Director
deems that the
temporary license is necessary for the servicing of an insurance business in
the following cases:
(1) to the surviving spouse or court-appointed |
| personal representative of a licensed insurance producer who dies or becomes a person with a mental or physical disability to allow adequate time for the sale of the insurance business owned by the producer or for the recovery or return of the producer to the business or to provide for the training and licensing of new personnel to operate the producer's business;
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(2) to a member or employee of a business entity
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| licensed as an insurance producer, upon the death or disability of an individual designated in the business entity application or the license; or
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(3) to the designee of a licensed insurance producer
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| entering active service in the armed forces of the United States of America.
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(b) The Director may by order limit the authority of any temporary licensee
in any
way deemed necessary to protect insureds and the public. The Director may
require the
temporary licensee to have a suitable sponsor who is a licensed producer or
insurer and who
assumes responsibility for all acts of the temporary licensee and may impose
other similar
requirements designed to protect insureds and the public. The Director may by
order revoke a
temporary license if the interest of insureds or the public are endangered. A
temporary license
may not continue after the owner or the personal representative disposes of the
business.
(c) Before any temporary insurance producer license is issued, there must be
filed
with the Director a written application by the person desiring the license in
the form, with the
supplements, and containing the information that the Director requires.
License fees, as
provided for in Section 500-135, must be paid upon the issuance of the original
temporary
insurance producer license, but not for any renewal thereof.
(Source: P.A. 99-143, eff. 7-27-15.)
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