Licensing Requirements: Surplus lines brokers are required to be licensed under Illinois law. 215 Ill. Comp. Stat. 5/445(2); 215 Ill. Comp. Stat. 5/500-40. Residents must be licensed as an insurance producer and
Does the state impose a fiduciary obligation on producers with respect to the handling of client funds (e.g. funds, monies, premiums and return premiums)? Yes. Any money that an insurance
May producers both charge a fee and collect a commission in connection with transactions and services provided to a particular client? Insurance producers may charge fees in addition to receiving
If a producer charges any fee or compensation separate from commissions deductible from, or attributable to, premiums on insurance policies or contracts: It must provide a written disclosure to the
What entities are covered? “Any data collector that owns or licenses personal information concerning an Illinois resident.” 815 ILCS 530/10(a). A “data collector” includes, but is not limited to, “public
