Senate Sponsors: WALSH,T-JACOBS. House Sponsors: WOOLARD-BRADY-O'CONNOR-MITCHELL,BILL Short description: INS PRODUCER LICENSE EDUCATION Synopsis of Bill as introduced: Amends the Illinois Insurance Code. Provides for insurance producers to pay licensing fees on a 2-year basis rather than annually. Creates the Insurance Producer Education Review Board to advise and assist the Department of Insurance in reviewing and approving education courses for insurance producers. Abolishes the requirement that insurance producers and registered firms that place insurance with insurers with which the firm or producer does not have an agent contract be bonded. Creates a class of insurance producer license for the sale of coverages relating to the rental of vehicles. Abolishes restrictions on licensing insurance producers who procure controlled business. Effective January 1, 2000. SENATE AMENDMENT NO. 1. Replaces everything after the enacting clause. Amends the Illinois Insurance Code. Provides for insurance producers to pay licensing fees on a 2-year basis rather than annually. Deletes provisions creating the Insurance Producer Education Review Board to advise and assist the Department of Insurance in reviewing and approving education courses for insurance producers. Abolishes the requirement that insurance producers and registered firms that place insurance with insurers with which the firm or producer does not have an agent contract be bonded. Creates a class of insurance producer license for the sale of coverages relating to the rental of vehicles. Abolishes restrictions on licensing insurance producers who procure controlled business. Effective January 1, 2000. SENATE AMENDMENT NO. 2. Deletes reference to: 215 ILCS 5/508.2 rep. Adds reference to: 215 ILCS 5/508.2 from Ch. 73, par. 1065.55-2 Removes provisions repealing bond requirements for insurance producers. Amends the bond requirements for insurance producers to remove requirement that a bond remain in effect until the surety is released by the Director of Insurance. Provides that if an insurance producer acts without the required bond, the producer's license is not valid. Requires insurance producers to disclose bond information. Authorizes an association to maintain a bond on behalf of its members. SENATE AMENDMENT NO. 3. Provides that with respect to initial renewals for a one-year period after the effective date of this amendatory Act continuing education requirements do not apply. Provides that insurance producer bonds may be in the name of an association. Provides that insurance producer licenses may be revoked (rather than automatically terminate) if a required bond is not in effect. SENATE AMENDMENT NO. 4. Deletes reference to: 215 ILCS 5/504.1 rep. Removes provision repealing restrictions on insurance producers who procure controlled business. Last action on Bill: PUBLIC ACT.............................. 91-0234 Last action date: 99-07-22 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 4 END OF INQUIRY Full Text Bill Status