92nd General Assembly
Status of SB1996
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   215 ILCS 5/500-80                                                           

        Amends the  Illinois  Insurance  Code  in  relation  to  producer      
   compensation  that  is  not  deductible  from premiums.  Provides that      
   records regarding notice of certain fees must be retained for 3  years      
   rather  than indefinitely.  Provides that when a contract or policy is      
   cancelled, the amount to be refunded to a customer shall be calculated      
   on a pro-rated basis for the remaining time  the  policy  will  be  in      
   force  limited  to  a  maximum  of  90  days.   Provides that if a fee      
   disclosure to the consumer documents that  the  producer  performed  a      
   service  corresponding  to  the  policy  and provides that the fee was      
   fully earned, the  fee  is  fully  earned  at  the  inception  of  the      
   disclosure statement's execution. Effective immediately.                    
        SENATE AMENDMENT NO. 1.                                                
        Requires producers and business entities to maintain  records  of      
   fee  disclosures  for 7, rather than 3, years. Provides for refunds on      
   cancelled policies if the policy is cancelled within 90 days following      
   the inception  date  and  provides  for  a  prorated  refund.  Deletes      
   provision limiting the refund to a period not exceeding 90 days.            
          FISCAL NOTE (Department of Insurance)                                
          SB 1996 would create no fiscal impact on the Department.             
   FEB-07-2002  S  FIRST READING                                                  
   FEB-07-2002  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   FEB-27-2002  S       ASSIGNED TO COMMITTEE               INS & PENS.           
   MAR-05-2002  S                             AMENDMENT NO. 01-INS & PENS.   S    
   MAR-05-2002  S                                   ADOPTED                       
   MAR-05-2002  S       DO PASS AS AMENDED                  006-000-000   SINS    
   MAR-05-2002  S  PLACED ON CALENDAR ORDER OF 2ND READING  02-03-06              
   MAR-06-2002  S  SECOND READING                                                 
   MAR-06-2002  S  PLACED ON CALENDAR ORDER OF 3RD READING  02-03-07              
   MAR-07-2002  S  THIRD READING - PASSED                   053-000-000           
   MAR-07-2002  H  ARRIVE IN HOUSE                                                
   MAR-07-2002  H  PLACED CALENDAR ORDER OF FIRST READING                         
   MAR-20-2002  H  HOUSE SPONSOR                            BRADLEY               
   MAR-20-2002  H  FIRST READING                                                  
   MAR-20-2002  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   APR-09-2002  H       ASSIGNED TO COMMITTEE               INSURANCE             
   APR-10-2002  H                         FISCAL NOTE FILED                       
   APR-10-2002  H                   COMMITTEE               INSURANCE             
   APR-17-2002  H  DO PASS/STANDARD DEBATE                  007-000-000   HINS    
   APR-17-2002  H  PLACED CAL 2ND READING-STANDARD DEBATE                         
   APR-17-2002  H  ADDED AS A JOINT SPONSOR                 PARKE                 
   APR-18-2002  H  SECOND READING-STANDARD DEBATE                                 
   APR-18-2002  H  PLCD CAL ORDER 3RD READING-STNDRD DEBATE                       
   APR-23-2002  H  THIRD READING/STANDARD DEBATE/PASS       115-000-001           
   APR-23-2002  S  PASSED BOTH HOUSES                                             
   MAY-22-2002  S  SENT TO THE GOVERNOR                                           
   JUN-26-2002  S  GOVERNOR APPROVED                                              
   JUN-26-2002  S                            EFFECTIVE DATE 02-06-26              
   JUN-26-2002  S  PUBLIC ACT.............................. 92-0587               


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