What is the Gramm-Leach-Bliley Act (GLBA)?

President Clinton signed into law the Gramm-Leach-Bliley Act(GLBA) (P.L. 106-102) on November 12, 1999. GLBA requires state insurance regulators to issue rules protecting the privacy of insurance consumers’ personal information.  These rules require insurance companies, producers, and other entities engaged insurance activities to protect the customer’s financial and health information. It requires insurers to: Notify consumers of their privacy policies; …

What is the Gramm-Leach-Bliley Act (GLBA)? Read More »

Can I get licensed if I am a convicted felon?

The following information covers this topic in general terms.  Illinois will consider licensing convicted felons in some cases.  Those standards can be found in Section 2403.30 under Director of Insurance, Hearings and Review.  As a general rule, individuals that have been convicted of a violent crimes or sex offenders, crimes involving insurance, fraud, or considered …

Can I get licensed if I am a convicted felon? Read More »

What are the coverage limits under the state guaranty fund in case an life insurer files for bankruptcy?

Each state sets the amount of coverage provided by their guaranty association and the amounts differs from state to state. The majority of the states followed the lead of specified in the National Association of Insurance Commissioners’ (NAIC) Life and Health Insurance Guaranty Association Model Law: $300,000 in life insurance death benefits $100,000 in net cash surrender or withdrawal values for …

What are the coverage limits under the state guaranty fund in case an life insurer files for bankruptcy? Read More »

Illinois Required Viatical Training for Brokers

Residents To obtain  your  broker’s license you must have been licensed as a life insurance producer for at least 12 months.  If you are a resident life insurance producer  and have been licensed for 12 months, this permits you to apply for a Viatical Settlement Brokers license by completing following steps: Complete a one-time training requirement of four …

Illinois Required Viatical Training for Brokers Read More »

Required Flood Insurance Training

The Flood Insurance Reform Act of 2004, Section 207 includes a one-time three hour continuing education requirement for those producers working with  the National Flood Insurance Program (NFIP).  This three hour course test the knowledge and understanding of flood insurance by licensed producers. Each state has adopted this requirement into their insurance regulations and is include with other …

Required Flood Insurance Training Read More »

Annuity Suitability Training

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 …

Annuity Suitability Training Read More »

Iowa Index Product Training

Iowa requires those producers wanting to sell any index insurance products to complete a one time index product course with at least four credits before presenting or selling index life or annuity policies.  This requirement applies to resident and nonresident insurance producers. You can review this requirement at the Iowa Division of Insurance . Chapter 15, page 1, …

Iowa Index Product Training Read More »

What does it take to becoming a licensed insurance agent/producer in Illinois?

Here are the steps to get your insurance license: Complete 20 hours of pre licensing training with 7 1/2 hours being in a classroom for each line of authority ( Life, Accident, Casualty & Fire (property)) with an Illinois approved pre-licensing provider Schedule and pass the state proctored examination.  You schedule your examination with pearsonvue. The …

What does it take to becoming a licensed insurance agent/producer in Illinois? Read More »