The Illinois Department of Insurance recently published proposed regulations impacting insurance producer licensing in Illinois. While largely technical in nature, the proposed rules do require an individual to spend at least 51% of their time in Illinois to be considered a “resident” producer. Moreover, with respect to business entities which hold producer licenses, the proposed rules now make clear that such entities’ “Designated Responsible Licensed Producer” must be an owner, partner, officer or director of the business entity. Other provisions of the proposed regulation include:
• setting the expiration date of a business entity license to be reciprocal with the NAIC resident business rules;
• defining the expiration date of a first time individual insurance license to birth month;
• allowing the Illinois Department of Insurance five business days to receive and distribute reported pre-licensing and continuing education before an applicant can apply or renew a license;
• requiring individual and business entities to provide an email address on their Insurance Producer and Business Entity Producer applications; and
• requiring that the individual or business entity notify the Director within 30 days of an email address change.
Both the notice and text of the proposed regulation can be found by clicking here (beginning on page 1515).