Illinois Statutes Chapter 215. Insurance § 5/500-15. License required
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Search Illinois Statutes
Search by Keyword or Citation
§ 500-15. License required.
(a) A person may not sell, solicit, or negotiate insurance in this State for any class or classes of insurance unless the person is licensed for that line of authority in accordance with this Article.
(b) A person may not, for a fee, engage in the business of offering any advice, counsel, opinion, or service with respect to the benefits, advantages, or disadvantages under any policy of insurance that could be issued in Illinois, unless that person is:
(1) engaged or employed as an attorney licensed to practice law and performing duties incidental to that position;
(2) a licensed insurance producer, limited insurance representative, or temporary insurance producer offering advice concerning a class of insurance as to which he or she is licensed to transact business;
(3) a trust officer of a bank performing duties incidental to his or her position;
(4) an actuary or a certified public accountant engaged or employed in a consulting capacity, performing duties incidental to that position; or
(5) a licensed public adjuster acting within the scope of his or her license.
(c) In addition to any other penalty set forth in this Article, an individual who knowingly violates subsection (a) is guilty of a Class A misdemeanor.
(d) In addition to any other penalty set forth in this Article, any individual violating subsection (a) or (b) and misappropriating or converting any moneys collected in conjunction with the violation is guilty of a Class 4 felony.
Cite this article: FindLaw.com - Illinois Statutes Chapter 215. Insurance § 5/500-15. License required - last updated January 01, 2022 | https://codes.findlaw.com/il/chapter-215-insurance/il-st-sect-215-5-500-15.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?