YES, there is. Listed below are the Illinois requirements: An insurance producer who engages in the sale of annuity products shall complete a one-time four- hour credit training course approved by the Department and provided by a Department-approved education provider. 2) Insurance producers who hold a life insurance line of authority after July 31, 2023 …
Almost all states have statues dealing with this issue. In each state, the requirement is for the company to pay claims promptly (within 30 days) once their liability is clear. Interest rates vary from state to state. A common issue found in market conduct examination by the state regulators is lack of notice of the …
Are insureds entitled to interest on delayed claims? Read More »
Question: My home state has not adopted the New NAIC Model for Annuity Suitability and I am a nonresident producer that has adopted it. Do I have to meet the new training requirement? Answer: Yes, you do. If you completed the old 4 hour course on Annuity Suitability, you have 6 months from the effective …
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 …
How many hours of insurance continuing education is required to renew my license? Read More »
Yes, there is. This is a website that will help https://eapps.naic.org/life-policy-locator/#/acknowledgment
This type of line means the individual can sell only personal homeowners, renters, boat insurance, motor cycle, recreational vehicles and auto policies. The individual cannot sell or insure farm, commercial or business policies. To be able to sell farm, commercial or business policies the individual must acquire their Property/ Casualty license. An example: Joe wants …
No the State of Illinois does not offer a payment or financial plan. For example: If the individual in question had their license expired a year ago in September, the individual failed to complete the C.E. requirements, did not have the money to pay the license renewal amount and therefore failed to renew license they …
Does the State of Illinois offer a finance plan for renewal license fee? Read More »
If the policy was written in the State of Illinois then an individual can contact the Illinois Department of Insurance. You can also call our office and speak to the owner Tom Ripperda if you have any questions as it relates to a lost insurance policy.
Producers with a Accident & Health licenses can sell Long Term Care insurance or riders after completing the initial eight hour course on Long Term Care Partnership. Once that course is completed, you must complete a four hour Long Term Care course in your next renewal cycle. An example, you completed your required eight hour …
I want to sell Long Term Care Insurance, do I need a special license? Read More »
Under the National Association of Insurance Commissioners (NAIC) Model Laws on Annuity Suitability, there are two training requirements. First, insurers are required to train their producers on their products. It mandates insurers properly supervise their producers and check on the suitability of the product to meet the needs of the client. Insurers are also required …
