SB2979 Summary

• Adds "travel insurance" definition to Illinois Insurance Code covering risks incident to planned travel including trip cancellation, baggage loss, vehicle/accommodation damage, and sickness or death during travel, excluding major medical plans for trips lasting 6 months or longer.

• Expands limited lines producer license class (1) to authorize sale of travel insurance as defined in the Code, replacing previous narrow definition limited to baggage and trip cancellation insurance sold with common carrier transportation.

• Creates new "travel insurance business entity" license allowing licensed insurance producers to register travel retailers under their supervision to offer and disseminate travel insurance without requiring individual retailer licensure.

• Permits unlicensed travel retailers to offer and disseminate travel insurance information on behalf of a licensed travel insurance business entity if conditions are met, including maintaining a register of travel retailers, designating a responsible producer, and providing employee training on insurance types and ethical sales practices.

• Requires travel retailers and their employees offering travel insurance to provide customers with material coverage terms, claims filing information, cancellation processes, and insurer contact details, and prohibits unlicensed employees from evaluating technical terms or providing coverage advice.