The Illinois Insurance Producer/Business Entity Bond is required by the Illinois Department of Insurance. The bond states that the insurance producer shall make a full accounting and due payment to the person or company entitled to funds coming into his possession as an incident to insurance transactions and shall comply with all the provisions of Section 500-30 of the IL Insurance Code.
What are the requirements that must be met in order to be an Insurance Producer/ Business Entity in Illinois?
To be an insurance producer in Illinois, you will first need to complete the pre-licensing requirement of 20 hours per line of authority; 7.5 of the 20 hours must be completed in a classroom setting i.e. life, Accident/Health, Fire (Property) Casualty, Personal Lines – Fire (Property) and Casualty. The only exception is Motor Vehicle of which 12.5 hours of pre-licensing and 5 hours must be in the classroom setting. After finishing that, you may then take the Insurance Licensing Examination. After passing that exam, wait for 5 days before applying for your license through the NIPR.
Ensure that you have a surety bond issued by a surety company in the state. The bond shall be continuous in form and in the amount of $2500 or 5% of the premiums brokered in the previous calendar year whichever is greater, but not to exceed $50,000 total aggregate liability.
Where can I get an Illinois Insurance Producer/Business Entity Bond?
Surety1 has been providing surety bonds in Illinois since 2003 and is licensed in all fifty states. To obtain your free, no obligation quote, simply complete our easy to use, online application and one of our licensed agents will contact you with your free quote within just one business day. Once you remit the premium payment and sign the necessary paperwork, your surety bond will be mailed to you via USPS priority mail. Overnight shipping options are also available, you just need to pay an additional cost.
With an A+ rating by the Better Business Bureau, you can be assured quality service for all of your surety bond needs.