HB 5450

Abstract

Creates the Improving Access to Flood Insurance Act. Provides that each insurance producer, public adjuster, managing broker, broker, and employee of a lender shall participate in at least 3 hours of National Flood Insurance Program training. Provides that the insurance producer, public adjuster, managing broker, broker, or lender shall submit evidence of satisfaction of the requirement to the entity that regulates that profession. Requires the Department of Insurance to: provide a list of pre-approved courses available through the Federal Emergency Management Agency's Emergency Management Institute and other educational institutions the Department determines provide information and training equivalent to the Federal Emergency Management Agency's Emergency Management Institute; and to provide instructions for an insurance producer, public adjuster, managing broker, broker, lender, or employee of a lender to apply and secure credit for course work that meets equivalent educational goals but that is not included on the pre-approved list. Provides that a violation of the Act shall be considered a violation of any other law under which the insurance producer, public adjuster, managing broker, broker, or lender is licensed, chartered, or organized. Makes conforming changes in the Illinois Insurance Code and the Real Estate License Act of 2000.