Illinois Compiled Statutes 215 ILCS 5/500-125 – Controlled business
Current as of: 2024 | Check for updates
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(a) An insurance producer license may not be granted or extended to any person if the Director has reasonable cause to believe:
(1) that during either of the 2 calendar years
(1) that during either of the 2 calendar years
immediately preceding the extension date of the license the aggregate amount of premiums on insurance represented by controlled business exceeded the aggregate amount of premiums on all other insurance business of the licensee; or
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(2) that during the 12-month period immediately
following the issuance or extension of the license, if so issued or extended, the aggregate amount of premiums on controlled business would exceed the aggregate amount of premiums on all other insurance business of the applicant or licensee.
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(b) Controlled business means insurance procured or to be procured by or through the person upon:
(1) his own life, person, property or risks, or those
(1) his own life, person, property or risks, or those
of his spouse; or
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(2) the life, person, property, or risks of his
employer or his own business.
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