Senate Sponsors: PETKA. House Sponsors: BRADLEY-PARKE Short description: INS PRODUCER COMMISSIONS Synopsis of Bill as introduced: 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. Last action on Bill: PUBLIC ACT.............................. 92-0587 Last action date: JUN-26-2002 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1 END OF INQUIRY Full Text Bill Status