§ 500-30

Illinois § 500-30

• 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(Section scheduled to be repealed on January 1, 2027) Sec. 500-30. Application for license. (a) An individual applying for a resident insurance producer license must make application on a form specified by the Director and declare under penalty of refusal, suspension, or revocation of the license that the statements made in the application are true, correct, and complete to the best of the individual's knowledge and belief. Before approving the application, the Director must find that the individual: (1) is at least 18 years of age; (2) is sufficiently rehabilitated in cases in which the applicant has committed any act that is a ground for denial, suspension, or revocation set forth in Section 500-70, other than convictions set forth in paragraph (6) of subsection (a) of Section 500-70; with respect to applicants with convictions set forth in paragraph (6) of subsection (a) of Section 500-70, the Director shall determine in accordance with Section 500-76 that the conviction will not impair the ability of the applicant to engage in the position for which a license is sought; (3) has completed, if required by the Director, a pre-licensing course of study before the insurance exam for the lines of authority for which the individual has applied (an individual who successfully completes the Fire and Casualty pre-licensing courses also meets the requirements for Personal Lines-Property and Casualty); (4) has paid the fees set forth in Section 500-135; and (5) has successfully passed the examinations for the lines of authority for which the person has applied. (b) A pre-licensing course of study for each class of insurance for which an insurance producer license is requested must be established in accordance with rules prescribed by the Director and must consist of the following minimum hours: Class of Insurance Number of Hours Life (Class 1(a)) 20 Accident and Health (Class 1(b) or 2(a)) 20 Fire (Class 3) 20 Casualty (Class 2) 20 Personal Lines-Property Casualty 20 Motor Vehicle (Class 2(b) or 3(e)) 12.5 7.5 hours of each pre-licensing course must be completed in a classroom or webinar setting, except Motor Vehicle, which would require 5 hours in a classroom or webinar setting. (c) A business entity acting as an insurance producer must obtain an insurance producer license. Application must be made using the Uniform Business Entity Application. Before approving the application, the Director must find that: (1) the business entity has paid the fees set forth in Section 500-135; and (2) the business entity has designated a licensed producer responsible for the business entity's compliance with the insurance laws and rules of this State. (d) The Director may require any documents reasonably necessary to verify the information contained in an application.

Legislative History

(Source: P.A. 102-135, eff. 7-23-21.)