PETKA. (BRADLEY-PARKE) 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 END OF INQUIRY Full Text Bill Summary