Chapter 4. Illinois Statutes and Regulations

Age to apply for license

18

License renewal period

2 years

Temporary license period for person expecting to become permanently licensed

90 days

Reinstatement period for a lapsed license

12 months

Temporary license period for servicing the business of a decease or disabled producer

180 days

Prelicensing education required per line of authority

20 hours

Prelicensing education required in a classroom setting per line of authority

7.5 hours

to report felony convictions to the director

30 days

to report change of address

30 days

Waiting period before a licensee whose license has been denied or revoked may apply for a new license

3 years

CE required per licensing period

24 hours

CE required in ethics

3 hours

Producers must maintain records of insurance transactions

7 years

To collect policy premium from the insured once the policy is received by the producer for delivery

90 days

Number of days after a producer receives a premium that the premium must be deposited into a Premium Fund Trust Account (PFTA)

15 days

Misappropriating premiums of $150 or less (first offense)

Class A misdemeanor

Misappropriating premiums of $150 or less (repeated offense)

Class 4 felony

Class 3 felony

Misappropriating premiums of $150 or more