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How many hours of insurance continuing education is required to renew my license?

Accident Health License, Annuity Producers, Continuing Education, Education, Illinois, Insurance licensing, Licensing /

The standard continuing education rules adopted by many states is 24 hours every two years including 3 hours of ethics. Illinois requires classroom ethics including webinars taught by an experience licensed producer. Illinois permits an open book testing for self study courses.   If hours are earned in a classroom, 50 minutes constitutes an hour and students […]

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Payment of Interest on a Life Insurance policy

Annuities, Illinois, index annuities, Index Life Insurance, Life Policy provisions, Life Producers /

When an insurer delays payment on a life or annuity contract, they have deprived the insured or beneficiaries of the use of the money.  To stop unnecessary delays in payment of proceeds, states have enacted laws requiring the payment of interest to those effected by the delays.  Below is the Illinois Law: 215 ILCS 5/224

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Iowa Adopted New Suitability in Annuity Transactions Model Regulation (# 275)

Annuity Training, Iowa /

Iowa Insurance Commissioner, Doug Ommen,  has issued Bulletin 21-01 informing All Insurance Companies and Producers Selling Annuities Products In Iowa.   The new Annuity ‘Best Interest’ Regulation, 191 IAC 15.72 covers all annuity transaction on or after January 1, 2021.  The bulletin informs companies to make good faith efforts to comply by December 31, 2021. On

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Lost Policy Locator

alabama, Arkansas, Colorado, Delaware, Idaho, Illinois, Indiana, Iowa, Kansas, Louisanna, Mississippi, Missouri, NAIC, Nebraska, North Carolina, North Dakota, Rhode Island, South Dakota, Virigina, West Virginia, Wisconsin, Wyoming /

The National Association of Insurance Commissioners (NAIC) has established a search engine to find lost policies for families of a deceased love one.  That website is:   https://eapps.naic.org/life-policy-locator/#/welcome.   This website shares the information with all life insurers in the country.  It is recommended to have a copy of the death certificate and information on prior

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Changes in Required Minimum Distributions to Age 73

alabama, Annuities, Annuity Producers, Annuity Training, Arkansas, Colorado, Delaware, General, Idaho, Illinois, Indiana, Iowa, IRA Pension Limits, IRS Contributions Limits, Kansas, Mississippi, Missouri, Nebraska, North Carolina, North Dakota, Pensions, Rhode Island, South Dakota, Virigina, West Virginia, Wisconsin, Wyoming /

The SECURE Act 2.0 was part of the Deficit Reduction Act  signed by President Biden made a major change in Required Minimum Distributions(RMD) for all pensions plans including IRA. Those individuals with the Traditional Individual Retirement Accounts (IRA) who turned 73  in 2023, can delay their first RMD until next April 1 of the year

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If a register representative is fined by FINRA, is the requirement to notify my home state Insurance Regulators?

Arkansas, Colorado, Delaware, Idaho, Illinois, Indiana, Insurance licensing, Iowa, Kansas, Licensing, Life Producers, Louisanna, Mississippi, Missouri, Nebraska, North Carolina, North Dakota, Rhode Island, South Dakota, Uncategorized, Virigina, West Virginia, Wisconsin, Wyoming /

Each month FINRA notifies Insurance Regulators about their actions against register representatives whether they hold an insurance license or not.  Insurance producers are required to notify the Insurance Regulators of any violations within 30 days.   At the time of a license application or license renewal, producers are required to list all violations by any regularity

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Can I receive renewal commissions without having an Illinois insurance license?

Illinois, Insurance licensing, Licensing /

Yes, you can receive renewal commissions if insurer paying those commissions allows that practice and the state regulators.  Check your contract or call the home office for details of paying renewals to unlicensed individuals. Unlicensed individuals can not offer insurance services (including advise) to the general public.  Most states does not allow that practice

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