(215 ILCS 5/1402)
Sec. 1402. Definitions. For the purposes of this Article:
"Financial institution" means:
(1) a State bank, a national bank, or an |
| out‑of‑state bank, as those terms are defined in the Illinois Banking Act, or any subsidiary of a State bank, a national bank, or an out‑of‑state bank; | |
(2) a foreign banking corporation, as that term is |
| defined in the Foreign Banking Office Act, or any subsidiary of a foreign banking corporation; | |
(3) a corporate fiduciary, as that term is defined |
| in the Corporate Fiduciary Act; | |
(4) a savings bank organized under the Savings Bank |
| Act, an out‑of‑state savings bank chartered under the laws of a state other than Illinois, a territory of the United States, or the District of Columbia, or a federal savings bank organized under federal law, or any subsidiary of a savings bank, an out‑of‑state savings bank or a federal savings bank; | |
(5) an association or federal association, as those |
| terms are defined in the Illinois Savings and Loan Act of 1985, or any subsidiary of an association or federal association; | |
(6) an out‑of‑state savings and loan association |
| chartered under the laws of a state other than Illinois, a territory of the United States or the District of Columbia, or a federal savings and loan association organized under federal law whose principal business office is located outside of Illinois, or any subsidiary of an out‑of‑state savings and loan association or federal savings and loan association whose principal business office is located outside of Illinois; or | |
(7) a credit union as defined in the Illinois Credit |
| Union Act, or any subsidiary of a credit union. | |
To the extent that any entity other than a financial institution conducts insurance activities in this State on behalf of or on the premises of the financial institution, such entity shall be subject to this Article for the purposes of those activities.
"Insurance" means all lines of insurance defined and regulated as insurance under this Code, but for the purposes of this Article, "insurance" shall not include the following lines of insurance, provided that this paragraph shall not be deemed to preclude or otherwise limit regulation of the following lines of insurance pursuant to and to the extent otherwise provided by any other insurance law of this State:
(1) credit life, credit accident and health, credit |
| involuntary unemployment, credit casualty and credit property insurance; | |
(2) extended service contracts and warranty |
|
(3) insurance obtained by the debtor to provide |
| payment for the difference between the remaining balance on a loan or other extension of credit and the amount of insurance coverage on the collateral securing the loan or other extension of credit; | |
(4) insurance placed by a financial institution on |
| collateral used in connection with a loan or other extension of credit when a debtor breaches the contractual obligation to provide that insurance; | |
(5) title insurance regulated by the Title Insurance |
|
(6) private mortgage insurance and financial |
|
(Source: P.A. 90‑41, eff. 10‑1‑97.) |
(215 ILCS 5/1411)
Sec. 1411. Commissions and compensation. No financial institution shall pay, directly or indirectly, any commission, service fee, brokerage, or other valuable consideration to any person for services as an insurance producer, temporary insurance producer, or limited insurance representative, or for such services by the person's members, officers, directors or employees, unless the person, and any member, officer, director, or employee performing the service, held a valid license regarding the class of insurance as to which the service was rendered, or unless the person was a properly registered firm at the time the service was performed. No person, other than a person properly licensed or registered in accordance with Article XXXI of this Code at the time the person performs services as an insurance producer, temporary insurance producer, or limited insurance representative, shall accept any commission, service fee, brokerage, or other valuable consideration for such services. This Section shall not prevent payment or receipt of:
(1) renewal or other deferred commissions to or by any person entitled thereto under this Section;
(2) fees to or by a financial institution or any other person for services that do not require licensure as an insurance producer, temporary insurance producer, limited insurance representative, or registered firm; or
(3) consideration paid to a financial institution by a registered firm, insurance producer, insurance company, or any other person pursuant to any lease agreement.
(Source: P.A. 90‑41, eff. 10‑1‑97.) |
(215 ILCS 5/1415)
Sec. 1415. Confidential customer information.
(a) A financial institution that is a registered firm may not release a customer's insurance information to any person other than an officer, director, employee, agent, or affiliate of the financial institution without the written consent of the customer. For the purposes of this Section, "insurance information" means information concerning the premiums, terms and conditions of insurance coverage, insurance claims, and the insurance history of a customer contained in the financial institution's records.
(b) Subsection (a) of this Section shall not apply to:
(1) names, addresses, and telephone numbers derived |
| in any manner from the financial institution's records, or | |
(2) the release of insurance information as |
| otherwise authorized by State or federal law. | |
(c) A financial institution shall not require premium information when requiring evidence of insurance in connection with a loan or extension of credit and shall not use such premium information for the purpose of soliciting insurance without the written consent of the customer.
(d) A financial institution may not use health information obtained from a customer's insurance records for any purpose other than for its activities as a registered firm pursuant to this Code.
(Source: P.A. 90‑41, eff. 10‑1‑97.) |
(215 ILCS 5/1402)
Sec. 1402. Definitions. For the purposes of this Article:
"Financial institution" means:
(1) a State bank, a national bank, or an |
| out‑of‑state bank, as those terms are defined in the Illinois Banking Act, or any subsidiary of a State bank, a national bank, or an out‑of‑state bank; | |
(2) a foreign banking corporation, as that term is |
| defined in the Foreign Banking Office Act, or any subsidiary of a foreign banking corporation; | |
(3) a corporate fiduciary, as that term is defined |
| in the Corporate Fiduciary Act; | |
(4) a savings bank organized under the Savings Bank |
| Act, an out‑of‑state savings bank chartered under the laws of a state other than Illinois, a territory of the United States, or the District of Columbia, or a federal savings bank organized under federal law, or any subsidiary of a savings bank, an out‑of‑state savings bank or a federal savings bank; | |
(5) an association or federal association, as those |
| terms are defined in the Illinois Savings and Loan Act of 1985, or any subsidiary of an association or federal association; | |
(6) an out‑of‑state savings and loan association |
| chartered under the laws of a state other than Illinois, a territory of the United States or the District of Columbia, or a federal savings and loan association organized under federal law whose principal business office is located outside of Illinois, or any subsidiary of an out‑of‑state savings and loan association or federal savings and loan association whose principal business office is located outside of Illinois; or | |
(7) a credit union as defined in the Illinois Credit |
| Union Act, or any subsidiary of a credit union. | |
To the extent that any entity other than a financial institution conducts insurance activities in this State on behalf of or on the premises of the financial institution, such entity shall be subject to this Article for the purposes of those activities.
"Insurance" means all lines of insurance defined and regulated as insurance under this Code, but for the purposes of this Article, "insurance" shall not include the following lines of insurance, provided that this paragraph shall not be deemed to preclude or otherwise limit regulation of the following lines of insurance pursuant to and to the extent otherwise provided by any other insurance law of this State:
(1) credit life, credit accident and health, credit |
| involuntary unemployment, credit casualty and credit property insurance; | |
(2) extended service contracts and warranty |
|
(3) insurance obtained by the debtor to provide |
| payment for the difference between the remaining balance on a loan or other extension of credit and the amount of insurance coverage on the collateral securing the loan or other extension of credit; | |
(4) insurance placed by a financial institution on |
| collateral used in connection with a loan or other extension of credit when a debtor breaches the contractual obligation to provide that insurance; | |
(5) title insurance regulated by the Title Insurance |
|
(6) private mortgage insurance and financial |
|
(Source: P.A. 90‑41, eff. 10‑1‑97.) |
(215 ILCS 5/1411)
Sec. 1411. Commissions and compensation. No financial institution shall pay, directly or indirectly, any commission, service fee, brokerage, or other valuable consideration to any person for services as an insurance producer, temporary insurance producer, or limited insurance representative, or for such services by the person's members, officers, directors or employees, unless the person, and any member, officer, director, or employee performing the service, held a valid license regarding the class of insurance as to which the service was rendered, or unless the person was a properly registered firm at the time the service was performed. No person, other than a person properly licensed or registered in accordance with Article XXXI of this Code at the time the person performs services as an insurance producer, temporary insurance producer, or limited insurance representative, shall accept any commission, service fee, brokerage, or other valuable consideration for such services. This Section shall not prevent payment or receipt of:
(1) renewal or other deferred commissions to or by any person entitled thereto under this Section;
(2) fees to or by a financial institution or any other person for services that do not require licensure as an insurance producer, temporary insurance producer, limited insurance representative, or registered firm; or
(3) consideration paid to a financial institution by a registered firm, insurance producer, insurance company, or any other person pursuant to any lease agreement.
(Source: P.A. 90‑41, eff. 10‑1‑97.) |
(215 ILCS 5/1415)
Sec. 1415. Confidential customer information.
(a) A financial institution that is a registered firm may not release a customer's insurance information to any person other than an officer, director, employee, agent, or affiliate of the financial institution without the written consent of the customer. For the purposes of this Section, "insurance information" means information concerning the premiums, terms and conditions of insurance coverage, insurance claims, and the insurance history of a customer contained in the financial institution's records.
(b) Subsection (a) of this Section shall not apply to:
(1) names, addresses, and telephone numbers derived |
| in any manner from the financial institution's records, or | |
(2) the release of insurance information as |
| otherwise authorized by State or federal law. | |
(c) A financial institution shall not require premium information when requiring evidence of insurance in connection with a loan or extension of credit and shall not use such premium information for the purpose of soliciting insurance without the written consent of the customer.
(d) A financial institution may not use health information obtained from a customer's insurance records for any purpose other than for its activities as a registered firm pursuant to this Code.
(Source: P.A. 90‑41, eff. 10‑1‑97.) |