SB 765

Abstract

Amends the Illinois Insurance Code. Provides for the issuance of limited licenses for term life insurance and prohibits a term life licensee from selling any kind of insurance other than term life insurance. Sets forth requirements for a term life limited lines licensee of another state to obtain a license in Illinois and for a term life limited lines licensee in Illinois to obtain a license in another state. Sets forth requirements for applications for a term life limited lines license and provides that a license shall remain in effect so long as fees are paid and education requirements are met. Allows a licensee who allows his or her license to lapse to be issued a new license within 12 months after expiration of the original license upon the payment of a penalty. Sets forth requirements for the information to be contained on the license. Sets forth the amount of the fee required to be paid for the license.