Sec. 10. Licensure.
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/il/chapter-215/act-100/10A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 10. Licensure.
(a)No person, firm, association, or corporation that maintains an office, officer, director, agent, or employee, directly or indirectly, in this State shall act as an intermediary broker unless licensed as an insurance producer in this State. No person, firm, association, or corporation that does not maintain an office, officer, director, agent, or employee in this State shall act as an intermediary broker in this State unless licensed as an insurance producer in this State, unless licensed as an insurance producer in another state that has a law substantially similar to this law, or unless licensed in this State as a nonresident reinsurance intermediary.
(b)No person, firm, association, or corporation shall act as an intermediary manager, except in compliance with this subsection, as follows:
(1)For a reinsurer domiciled in this State, unless the intermediary manager is a
licensed producer in this State.
(2)In this State, if the intermediary manager maintains an office, either directly or
as a member or employee of a firm or association, or an officer, director, or employee of a corporation, in this State, unless the intermediary manager is a licensed producer in this State.
(3)In another state for a nondomestic insurer, unless the intermediary manager is a
licensed producer in this State or another state having a law substantially similar to this law or the person is licensed in this State as a nonresident reinsurance intermediary.
(c)The Director may require an intermediary manager subject to subsection
(b)to:
(1)file a bond in an amount and from an insurer acceptable to the Director for the
protection of the reinsurer; and
(2)maintain an errors and omissions policy in an amount acceptable to the Director.
(d)The Director may issue a reinsurance intermediary license to any person, firm, association, or corporation that has complied with the requirements of this Act. Any license issued to a firm or association will authorize all the members of the firm or association and any designated employees to act as reinsurance intermediaries under the license. All of those persons shall be named in the application and any supplements thereto. Any license issued to a corporation shall authorize all of the officers and any designated employees and directors thereof to act as reinsurance intermediaries on behalf of the corporation, and all of those persons shall be named in the application and any supplements thereto.
If the applicant for a reinsurance intermediary license is a nonresident, the applicant, as a condition precedent to receiving or holding a license, shall designate the Director as agent for service of process in the manner, and with the same legal effect, provided in the Illinois Insurance Code for designation of service of process upon unauthorized insurers. The applicant shall also furnish the Director with the name and address of a resident of this State upon whom notices or orders of the Director or process affecting the nonresident reinsurance intermediary may be served.
The licensee shall promptly notify the Director in writing of every change in its designated agent for service of process. The change shall not become effective until acknowledged by the Director.
(e)The Director may refuse to issue a reinsurance intermediary license if, in his judgment, the applicant, any one named on the application or any member, principal, officer, or director of the applicant is not trustworthy; or that any controlling person of the applicant is not trustworthy to act as a reinsurance intermediary; or any of the foregoing has given cause for revocation or suspension of that kind of license or has failed to comply with any prerequisite for the issuance of the license. Upon written request therefor, the Director will furnish a summary of the basis for refusal to issue a license, which document shall be privileged and not subject to the Freedom of Information Act.
(f)Licensed attorneys at law of this State, when acting in their professional capacity as an attorney, shall be exempt from this Section.
(g)All licenses issued under this Act shall terminate 24 months following the date of issuance and may be renewed by providing to the Director satisfactory evidence that the reinsurance intermediary continues to meet the requirements of this Section and upon payment of the fees specified in Section 408 of the Illinois Insurance Code.