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| [ House Amendment 001 ] |
90_HB0224
215 ILCS 5/491.1 from Ch. 73, par. 1065.38-1
215 ILCS 5/499.1 from Ch. 73, par. 1065.46-1
Amends the Illinois Insurance Code. Provides that a
registered firm may be a limited liability company. Provides
that a limited liability company that transacts insurance
business as an insurance agency shall register with the
Director of Insurance.
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1 AN ACT to amend the Illinois Insurance Code by changing
2 Sections 491.1 and 499.1.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Insurance Code is amended by
6 changing Sections 491.1 and 499.1 as follows:
7 (215 ILCS 5/491.1) (from Ch. 73, par. 1065.38-1)
8 Sec. 491.1. Definitions. In addition to the definitions
9 in Section 2, the following definitions apply to this
10 Article.
11 (a) Insurance. Insurance is any of the classes of
12 insurance found in Section 4.
13 (b) Insurance Producer. An insurance producer is an
14 individual who solicits, negotiates, effects, procures,
15 renews, continues or binds policies of insurance covering
16 property or risks located in Illinois.
17 (c) License. A license is a document authorizing an
18 individual to act as an insurance producer, limited insurance
19 representative or temporary insurance producer, as specified
20 in such document.
21 (d) Limited Insurance Representative. A limited
22 insurance representative is an individual appointed by an
23 insurance company to represent that company regarding the
24 types of insurance set forth in Section 495.1.
25 (e) Registered Firm. A registered firm is a
26 corporation, or partnership, or limited liability company
27 which transacts the business of insurance as an insurance
28 agency.
29 (Source: P.A. 85-334.)
30 (215 ILCS 5/499.1) (from Ch. 73, par. 1065.46-1)
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1 Sec. 499.1. Registered firms.
2 (a) Any corporation, or partnership, or limited
3 liability company transacting insurance business as an
4 insurance agency shall register with the Director before
5 transacting insurance business in this State. Such
6 registration shall remain in effect as long as the firm pays
7 the annual fee required by Section 509.1 of this Code by the
8 date due, unless the registration is revoked or suspended
9 pursuant to Section 505.1 of this Code.
10 (b) Each firm required to register before acting as a
11 registered firm pursuant to this Article shall appoint one or
12 more licensed insurance producers who are officers,
13 directors, or partners in the firm to be responsible for the
14 firm's compliance with the insurance laws and Title 50 of the
15 Illinois Administrative Code. Such individual or individuals
16 shall submit to the Director a registration form and the fees
17 required by Section 509.1. The Director shall prescribe the
18 registration form and may require any documents reasonably
19 necessary to verify the information contained in the
20 registration form. Within 30 days of a change in officers,
21 directors, or partners who are appointed to be responsible
22 for the firm's compliance with the insurance laws and Title
23 50 of the Illinois Administrative Code, the firm shall report
24 the change to the Department.
25 (c) The registered firm shall inform the Director in
26 writing of a change in its business address within 30 days of
27 such change.
28 (d) Each registered firm shall disclose its members,
29 officers or directors who are authorized to act as insurance
30 producers, and report any changes in such personnel to the
31 Director within 30 days of such changes.
32 (e) A registered firm may not be a national bank located
33 in a city, village or incorporated town with a population
34 exceeding 5,000 according to the last federal census, a State
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1 bank or a trust company, or a subsidiary, affiliate, officer
2 or employee of any such national or State bank or trust
3 company contributing directly or indirectly to the income of
4 such bank or trust company any profit or fees or part thereof
5 derived from the solicitation, negotiation or effecting of
6 insurance.
7 (Source: P.A. 89-240, eff. 1-1-96.)