Since Illinois is your home state, you must complete their continuing education requirements before that license expires. You can renewal your nonresident license at the National Insurance Producer Registry and pay their nonresident licensing fees and a $5.00 processing fee.
Original license applications and renewals can be done at the National Insurance Producer Register. Insurance license are issued for a two year period and expire on the last day of the producer’s birth month. There is a $5.00 processing fee. Insurance producer & Limited Lines licenses fees are $215.00* To re-instate a expired license, the
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Unless all of the insurance companies that you are contracted with are assuming financial responsibility for the funds you handle, you will need to maintain a surety bond payable to the People of Illinois and file a completed Insurance Producer/Business Entity Bond (IL446-0152B) with the Department of Insurance. The minimum bond amount is $2,500 or
I am an independent producer living in Illinois, Do I need to be bonded? Read More »
Illinois insurance producers can receive continuing education credit for completing the online Federal Health Insurance Marketplace courses. There are three courses available: ACA Basics, The Individual Marketplace, and The SHOP Marketplace. Producers will receive four hours of CE credit for the prerequisite ACA Basics and one other course, or five hours of CE credit for
Illinois issues insurance licenses for Life, Accident & Health, Casualty, Fire (Property) and personal lines. Since you have a Texas general line- Life Accident & Health, Illinois will allow you to apply by way of a written application with your payment of $180 and a letter of clearance from the Texas Department of Insurance.
Required Minimum Distribution (RMD) Last trading day this year is December 29 and account balances of that date must be used in calculating RMD. For those individuals with an Individual Retirement Account (IRA) or a 401(k) and have reached their 70 ½ birthday, it is time to plan to take a required minimum distributions. The amount
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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;
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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
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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
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
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