IL SB0692

Amends Section 1403 of the Illinois Insurance Code regarding licensure requirements for financial institutions transacting insurance business in Illinois.

Exempts financial institutions and their employees from needing a limited lines producer license or other producer license when they have purchased or sponsored group or individual credit life, credit accident and health, credit casualty, credit property, or other credit insurance policies.

Allows financial institutions to enroll individuals or perform administrative services to enable insurance purchases under credit insurance policies, provided a licensed producer handles the actual sale in compliance with applicable code sections.

Takes effect immediately upon becoming law.