HB5260

Illinois HB5260 amends insurance regulations, including policy transfers, insurance producer licensing, and supplier diversity reporting.

HB5260 amends the Illinois Insurance Code to modify the rules for assigning or transferring property and casualty insurance policies among insurers. It mandates that such transfers must occur with the consent of the insured's producer and agent of record, and requires the insurer to provide notice of the transfer at least 60 days prior to the renewal date. The bill also revises insurance producer licensing by allowing a 2-year license for those who complete 24 hours of course study, including ethics instruction, and by permitting a waiver of the renewal fee for those unable to comply due to.