Insurance Producers, Limited Insurance Representatives and Registered Firms

What this document is

215 ILCS 5, Article XXXI - Insurance Producers, Limited Insurance Representatives and Registered Firms is a state statute published by Illinois General Assembly, Legislative Reference Bureau (ilga.gov). It is one of the Illinois documents that insurance license exam questions are written from, including illinois life & health, illinois property & casualty, illinois personal lines practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• 215 ILCS 5 § 500-35(b)(1) (License; continuing education for renewal)

  “(1) Before each license renewal, an insurance producer must satisfactorily complete at least 24 hours of course study or participation in a professional insurance association under paragraph (3) of this subsection in accordance with rules prescribed by the Director. Three of the 24 hours of course...”

• 215 ILCS 5 § 500-80(b), (c) (Commissions)

  “(b) A person may not accept a commission, service fee, brokerage, or other valuable consideration for selling, soliciting, or negotiating insurance in this State if that person is required to be licensed under this Article and is not so licensed. (c) Renewal or other deferred commissions may be...”

• 215 ILCS 5 § 500-70(g) (License denial, nonrenewal, or revocation)

  “(g) A person whose license is revoked or whose application is denied pursuant to this Section is ineligible to apply for any license for 3 years after the revocation or denial. A person whose license as an insurance producer has been revoked, suspended, or denied may not be employed, contracted, or...”

• 215 ILCS 5 § 500-15(b) (License required; advice for a fee)

  “(b) A person may not, for a fee, engage in the business of offering any advice, counsel, opinion, or service with respect to the benefits, advantages, or disadvantages under any policy of insurance that could be issued in Illinois, unless that person is: (1) engaged or employed as an attorney...”

• 215 ILCS 5 § 500-85(a) (Notification of termination)

  “(a) An insurer or authorized representative of an insurer that terminates the appointment, employment, contract, or other insurance business relationship with a producer must notify the Director within 30 days following the effective date of the termination, using a format prescribed by the...”

• 215 ILCS 5/500-65 (Temporary insurance producer license for an applicant)

  “Sec. 500-65. Temporary insurance producer license for an applicant. (a) The Director may grant a temporary insurance producer license to an applicant for an insurance producer license, without requiring an examination, for a period of 90 days, when the applicant otherwise meets the requirements of...”

• 215 ILCS 5/500-155 (Disclosure)

  “Sec. 500-155. Disclosure. A policy the solicitation of which involves an insurance producer, limited insurance representative, or temporary insurance producer must identify the name of the producer, representative, or firm. An individual life or accident and health application and a master policy...”

• 215 ILCS 5/500-120 (Conflicts of interest; inactive status)

  “Sec. 500-120. Conflicts of interest; inactive status. (a) A person, partnership, association, or corporation licensed by the Department who, due to employment with any unit of government that would cause a conflict of interest with the holding of that license, notifies the Director in writing on...”

• 215 ILCS 5/500-125(a)(1), (2) (Controlled business)

  “that during either of the 2 calendar years immediately preceding the extension date of the license the aggregate amount of premiums on insurance represented by controlled business exceeded the aggregate amount of premiums on all other insurance business of the licensee; or (2) that during the...”

• 215 ILCS 5/500-40(a) (Nonresident licensing)

  “Unless denied a license pursuant to Section 500-70, a nonresident person shall receive a nonresident producer license if: (1) the person is currently licensed as a resident and in good standing in his or her home state; (2) the person has submitted the proper request for a license and has paid the...”

• 215 ILCS 5/500-35(d) (License; reinstatement without examination)

  “An individual insurance producer who allows his or her license to lapse may, within 12 months after the due date of the renewal fee, be issued a license without the necessity of passing a written examination. However, a penalty in the amount of double the unpaid renewal fee shall be required after the due date.”

• 215 ILCS 5/500-35(b)(1) (License; continuing education)

  “Before each license renewal, an insurance producer must satisfactorily complete at least 24 hours of course study or participation in a professional insurance association under paragraph (3) of this subsection in accordance with rules prescribed by the Director. Three of the 24 hours of course...”

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• 50 Ill. Adm. Code Part 2904 - Assigned Risk Procedures, workers' compensation (complete Part: Secs. 2904.10 through 2904.240, 24 sections)Regulation
• 50 Ill. Adm. Code Part 3113 - Premium Fund Trust Account (complete Part: Secs. 3113.10 through 3113.70 and Exhibit A, 8 sections)Regulation
• 50 Ill. Adm. Code Part 919 - Improper Claims Practice (complete Part: Secs. 919.10 through 919.100 and Exhibit A, 11 sections)Regulation
• 50 Ill. Adm. Code Part 924 - Equipment Exclusion (complete Part: Secs. 924.10 through 924.50, 5 sections)Regulation
• 215 ILCS 157, Use of Credit Information in Personal Insurance Act (complete Act, Secs. 1 through 99, 15 sections)State statute
• 215 ILCS 5/ Illinois Insurance Code, Article XXVI - Unfair Methods of Competition and Unfair and Deceptive Acts and Practices (Secs. 421-434)State statute
• 215 ILCS 5/ Illinois Insurance Code, Article XXXI - Insurance Producers (selected Secs. 500-15 through 500-120)State statute
• 215 ILCS 5, Article VIIA - Advisory Organizations (Secs. 123A-1 through 123A-15, 15 sections)State statute