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 …
Yes, you will have to complete a 1-hour webinar course to updated you on the changes under new regulation or 2. complete a new 4-hour course covering the new disclosure requirements. We have both on our website.
No. When the policyowner names their estate as beneficiary, it opens the doors for creditors to make a claim on the proceeds. All estates go through a legal process called probate. The courts appoints an administrator or executor for the estate after an attorney files the paperwork. The executor is responsible for gathering assets and …
First step is to contact the Department of Insurance in the state where you bought the policy. They keep track of that information and will know what happened to the original company. It could have been purchased by another company and in that case they can provide the name, address and phone number of the …
How do you find a insurance company that is no longer in business? Read More »
The beneficiary designation by the husband probably states, “(ex-wife’s name), wife of insured.” While she is no longer married to the insured, the courts have ruled that words such as “wife of the insured” is description of the relationship at the name the spouse was named. The name of the beneficiary itself is controlling. Therefore, …
Illinois Department of Insurance has approved taking your Insurance examination: at home, or at your office, or at an approved testing center. Here is the link for at home or office testing: https://home.pearsonvue.com/il/insurance. Information on your options can be founded at http:www.pearsonvue.com NOTE: You need to register for your examination for each line of …
Illinois State Insurance Exam on home/your office OR an approved center Read More »
Under the Department of Labor’s (DOL) new policies, all producers (agents) that rollover funds from a Individual Retirement Account (IRA), Pension or other similar plans to an IRA annuity or other Defined Contribution/Benefit plans must meet the 5-part test under the Prohibited Transaction Exemption (PTE). Those requirements can be found in PTE84-24 put out by …
DOL Fiduciary Rule Update on Rollovers Postponed to January 31, 2020 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 …
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 …
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 …
