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Code · Illinois · Chapter 215 — INSURANCE · Act 5

Sec. 1404. Subsidiaries or divisions.

97 words·~1 min read·/il/chapter-215/act-5/1404

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Sec. 1404. Subsidiaries or divisions. A financial institution shall not qualify for registration as a registered firm under Section 499.1 of this Code unless:
(1)it establishes a separate subsidiary that acts as the registered firm or
(2)it is otherwise permitted by law to sell insurance directly through the financial institution, and it establishes a separate division within the financial institution to conduct the business of the registered firm. The subsidiary or division acting as a registered firm shall maintain records for insurance transactions that are separate and distinct from the records of the financial institution.
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