SB 2590

Abstract

Amends the Illinois Insurance Code. Makes a change in the provision concerning limited lines producer licenses. Provides that the Director of Insurance may issue to a business entity that has filed with the Department an application for a limited license, in a form and manner prescribed by the Director, a limited lines travel insurance producer license that authorizes the limited lines travel insurance producer to sell, solicit, or negotiate travel insurance through a licensed insurer. Provides that notwithstanding any other provision of law, a travel retailer may offer and disseminate travel insurance on behalf of and under a limited lines producer business entity license only if certain conditions are met. Prohibits a travel retailer's employee or authorized representative who is not licensed as an insurance producer from certain actions. Provides that a travel retailer whose insurance-related activities, and those of its employees and authorized representatives, are limited to offering and disseminating travel insurance on behalf of and under the direction of a limited lines producer meeting certain conditions is authorized to do so and receive related compensation upon registration by the limited lines producer. Provides that travel insurance may be provided under an individual policy or under a group or master policy. Provides that as the insurer designee, the limited lines producer is responsible for the acts of the travel retailer and the travel insurance supervising entity and shall use reasonable means to ensure compliance by the travel retailer with the provision concerning travel insurance limited line license for limited lines travel insurance producers. Requires an annual fee of $90 for a limited lines producer license.