SB 2417

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. Senate Floor Amendment No. 1 Deletes reference to: New Act 215 ILCS 5/1565 225 ILCS 454/5-70 Adds reference to: 20 ILCS 805/805-570 new Replaces everything after the enacting clause. Amends the Department of Natural Resources (Conservation) Law of the Civil Administrative Code of Illinois. Provides that the Department of Natural Resources shall create a biennial training course for Illinois insurance producers regarding the eligibility for and availability of the National Flood Insurance Program that shall count towards an insurance producer's required flood insurance continuing education requirements under specified provisions. Provides that the Department of Insurance shall review and approve the training course under its normal course approval process. Amends the Illinois Insurance Code. In provisions concerning insurance producer licensing and continuing education requirements, provides that beginning January 1, 2025, for any insurance producer who is licensed in the property insurance line of authority, one of the 24 hours of course study must be related to flood insurance, which may be satisfied by the training course developed by the Department of Natural Resources pursuant to specified provisions. Effective January 1, 2024. House Committee Amendment No. 1 Deletes reference to: 20 ILCS 805/805-570 215 ILCS 5/500-35 Adds reference to: 215 ILCS 5/1 from Ch. 73, par. 613 Replaces everything after the enacting clause. Amends the Illinois Insurance Code. Makes a technical change in a Section concerning the short title.