SB 3024

Abstract

Amends the Illinois Insurance Code. In a provision concerning limited lines producer licenses, provides that nothing in the Code shall be construed to require a limited lines producer license or any other form or class of producer's license for financial institutions, or their employees, if the financial institution has purchased or sponsored a group credit life, credit accident and health, credit casualty, or credit property insurance policy or program, under which the financial institution enrolls or performs other administrative services to enable individuals to purchase insurance coverage under the group credit insurance policy from a licensed producer in compliance with provisions concerning license exceptions and credit life and credit accident and health insurance policies under the Code. In a provision concerning licensure requirements for financial institutions, provides that nothing in the Code or in any other law of this State shall be construed to require a financial institution, or the officers or employees of the financial institution, to become licensed under the Code in order to offer any line of insurance that is excluded from the definition of insurance under the Code if that line of insurance is offered in relation to the financial institution's banking business. Provides that for limited purposes, a financial institution, or its officers or employees, that perform administrative services related to lines of insurance excluded from the definition of insurance under the Code, including, but not limited to, marketing, sponsorship, enrollment, and insurance plan certificate issuance services, shall be deemed to be offering insurance related to the financial institution's banking business. Effective immediately.