A financial institution shall not qualify for registration as a registered firm under Section 499.1 of this Code unless: (1) it establishes a separate subsidiary that acts as the registered firm or (2) it is otherwise permitted by law to sell insurance directly through the financial institution, and it establishes a separate division within the financial institution to conduct the business of the registered firm. The subsidiary or division acting as a registered firm shall maintain records for insurance transactions that are separate and distinct from the records of the financial institution.
215 ILCS 5/1404
Subsidiaries or divisions
Known as the Financial Institutions Insurance Sales Law
The act spans §§ 215-5-1400 to 215-5-1416 (17 sections).
P.A. 90-41, eff. 10-1-97.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.