§ 500-125

Illinois § 500-125

• Jurisdiction: Illinois
• Topic: REGULATION
• Ch. 215: INSURANCE
• Act 215 ILCS 5/: Illinois Insurance Code.
• Art.: Article XXXI - Insurance Producers, Limited Insurance Representatives And Registered Firms

Text

(Section scheduled to be repealed on January 1, 2027) Sec. 500-125. Controlled business. (a) An insurance producer license may not be granted or extended to any person if the Director has reasonable cause to believe: (1) that during either of the 2 calendar years immediately preceding the extension date of the license the aggregate amount of premiums on insurance represented by controlled business exceeded the aggregate amount of premiums on all other insurance business of the licensee; or (2) that during the 12-month period immediately following the issuance or extension of the license, if so issued or extended, the aggregate amount of premiums on controlled business would exceed the aggregate amount of premiums on all other insurance business of the applicant or licensee. (b) Controlled business means insurance procured or to be procured by or through the person upon: (1) his own life, person, property or risks, or those of his spouse; or (2) the life, person, property, or risks of his employer or his own business.

Legislative History

(Source: P.A. 92-386, eff. 1-1-02 .)