I have the start of dementia, how do I protect my family from lost of coverage because I failed to pay my life insurance premiums on time?

In Illinois, The law provides that a life company issuing an individual life insurance contract on or after January 1, 2022, shall notify an applicant, in writing of the applicant’s right to designate a secondary addressee to receive notice of cancellation of the policy based on nonpayment of premium. The applicant may make such a …

I have the start of dementia, how do I protect my family from lost of coverage because I failed to pay my life insurance premiums on time? Read More »

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

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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New Illinois Director of Insurance

On January 4, 2021 Governor Pritzker nominated Dana Popish Severinghaus to serve as Director of Insurance.  Popish Severinghaus has extensive legal, policy, government relations and insurance related experience.  She awaits the confirmation by Illinois Senate.

Lost Policy Locator

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 72

The SECURE Act signed into law by President Trump made a major change in Required Minimum Distributions(RMD). Those individuals with the Traditional Individual Retirement Accounts (IRA) who turned 70 1/2 in 2020, can delay their first RMD until April 1 of the year that  they reach age 72. Those individuals with the Traditional IRA who …

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

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 …

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

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

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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