§3119.45. Responsibilities of the Applicant for Insurance Producer Licenses and the Licensed Insurance Producers

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.

 

(Source:  Amended at 34 Ill. Reg. 12802, effective August 20, 2010)