IL SB3024

Financial institutions transacting insurance business in Illinois must register with the Director and comply with all Illinois Insurance Code laws, rules, and penalties.

Individuals conducting insurance solicitation and sales for financial institutions must hold and maintain an active insurance producer's license under the Illinois Insurance Code.

Financial institution subsidiaries conducting insurance business in the state are treated as the parent financial institution for registration purposes and deemed corporations under Section 499.1 of the Code.

Financial institutions that purchase or sponsor group or individual credit insurance policies are exempt from obtaining a limited lines or other producer's license if they only enroll members or perform administrative services with a licensed producer handling actual insurance sales.