Ill. Admin. Code tit. 50, § 3119.45 - Responsibilities of the Applicant for Insurance Producer Licenses and the Licensed Insurance Producers

Current through Register Vol. 46, No. 15, April 8, 2022

a) Applicants for Insurance Producer Licenses
1) Prior to taking the licensing examination, each applicant shall complete the pre-licensing education requirements for each class of insurance for which an examination is being taken. The pre-licensing education course must be used within 1 year after completion.
2) Applicants who either have earned a college degree in insurance or hold any of the designations listed in this subsection (a)(2) will be exempt from the pre-licensing requirement of this Part. A copy of the college degree or certification for the following designations must be provided to the Department at the time of licensure application.

Class of Insurance

Designation

Life

CEBS, ChFC, CIC, CFP, CLU, FLMI, and LUTCF

Accident and Health

RHU, CEBS, REBC, and HIA

Property and Casualty

AAI, ARM, CIC, and CPCU

3) The following abbreviations and acronyms are used in subsection (a)(2):

Life Designations

CEBS

Certified Employee Benefits Specialist

ChFC

Chartered Financial Consultant

CIC

Certified Insurance Counselor

CFP

Certified Financial Planner

CLU

Chartered Life Underwriter

FLMI

Fellow Life Management Institute

LUTCF

Life Underwriting Training Council Fellow

Accident and Health Designations

RHU

Registered Health Underwriter

CEBS

Certified Employee Benefits Specialist

REBC

Registered Employee Benefits Consultant

HIA

Health Insurance Associate

Property and Casualty Designations

AAI

Accredited Advisor Insurance

ARM

Associate in Risk Management

CIC

Certified Insurance Counselor

CPCU

Chartered Property and Casualty Underwriter

b) Licensed Insurance Producers
1) Each producer shall complete 24 hours of continuing education requirements prior to requesting an extension of an insurance producer license. As set forth in subsection (b)(5), three of the 24 hours of continuing education must consist of classroom ethics. The producer should complete the course no later than 1 month prior to the license extension date to allow time for the provider to submit proof of completion to the Director. Each producer shall maintain a record of each course completed for 3 years from the date of completion. The record shall include the name of the provider, the course title, and the date of completion.
2) Hours taken, course material provided or presented, in whole or in part, or in conjunction with a pre-licensing course that is not certified as pre-licensing education requirement, shall not be used to meet continuing education requirements.
3) Courses initiated or completed prior to the original issue date of the license shall not be used to meet continuing education requirements.
4) The producer may accumulate a maximum of 36 credit hours on file with the Department.
5) Each producer whose license is subject to renewal shall meet the classroom ethics instruction requirement by registering for, and successfully completing, three hours of classroom ethics instruction.

Notes

Ill. Admin. Code tit. 50, § 3119.45

Amended at 34 Ill. Reg. 12802, effective August 20, 2010

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