Ill. Admin. Code tit. 38 § 610.80

Current through Register Vol. 48, No. 43, October 25, 2024

Section 610.80 - Licensing of Sellers of Pre-Need Contracts Funded by Life Insurance or Tax-Deferred Annuity

a) Any seller of pre-need contract which is funded by life insurance or a tax-deferred annuity shall obtain an individual license unless the seller is an employee of a licensee. An insurance producer, annuity seller, or any individual who serves in that capacity shall not be considered an employee unless the employment relationship indicates otherwise for purposes of this Part.

b) The annual report required to be filed by the licensee with the Office of the Comptroller may be filed by the company with which the insurance producer, annuity seller, or any individual acting in that capacity is affiliated so long as all books, records and other information as required under this Act are provided. The licensee shall remain responsible for the timely filing of the annual report and shall acknowledge in writing that the annual report is true and accurate.

Ill. Admin. Code tit. 38, § 610.80