Illinois Statutes and Regulations Common to All lines Flashcards
What are the broad powers and duties of the Directors of Insurance?
Regulate the affairs of the insurance department, prescribe forms and procedures, aid in interpretation of laws,issue,renew, or suspend and revoke licenses and certificates of authority
Who is exempt from licensing requirement in this state?
Officers,directors or employees of an insurer or of an insurance producer who do not receive commission on policies written or sold are exempt from licensing requirements. Review the complete list in the text
To whom may a temporary license be issued?
To an applicant in the process of obtaining a producer license for 90 days or to the surviving spouse or court appointed representative of a licensee who dies or becomes disabled a member of employee of a business entity licensed as an insurance producer or the designee of a licensee who enters into active military service for 180 days
What are the requirements for insurance licensing in this state?
Minimum age prelicensing education and examination application and fees
What are the continuing education requirements in this state?
Resident producers must complete a minimum of 24 hours of continuing education credits every 2 years, 3 of which on the subject of ethics
How long do licensees have to inform the Director of a change of address?
30 days after the change
Upon what grounds can the director revoke or suspend a producer license?
Some of the examples include providing incorrect information in the application obtaining a license through misrepresentation or fraud improperly withholding any monies or properties or engaging in unfair trade practices.
Review the text for a complete list of violations
Who is a fiduciary?
A fiduciary is a producer who handles insurer funds in a trust capacity
Under what conditions would it be illegal to receive compensation for an insurance transaction?
If that person is required to be licensed but does not have a license
What is controlled business?
insurance written to cover the producer the producers spouse or the producers employers life property or risks
What constitutes rebating?
Rebating includes premiums payable on the policy special favors or services advantages in dividends or benefits, stocks, bonds, securities and their profits and similar inducements
