IL HB0759

Amends Section 1403 of the Illinois Insurance Code to regulate financial institutions transacting insurance business in Illinois

Requires financial institutions to register with the Director and comply with all Illinois Insurance Code laws, rules, and penalties

Mandates that individuals soliciting and selling insurance for financial institutions must hold and maintain an active insurance producer's license under the Illinois Insurance Code

Exempts financial institutions and their employees from requiring a limited lines producer license when administering group credit insurance policies (life, accident and health, casualty, property) if the policy was purchased or sponsored by the institution and sold by a licensed producer

Takes effect upon becoming law