Illinois SB3508 amends insurance regulations, including renewal procedures, license requirements, and record retention policies.
Illinois SB3508 modifies various insurance regulations. It allows licensed insurance producers to request a waiver of renewal procedures if they are unable to comply due to military service. The bill mandates that insurance licenses include specific details such as the licensee's name, address, and lines of authority. It requires insurance producers to complete 24 hours of course study before each license renewal, including ethics instruction. The Director of Insurance is authorized to destroy or dispose of certain records and documents after specific periods.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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