SB2201 - Illinois

INS CD-TECH Amends the Illinois Insurance Code. Provides that the definition for "financial institution" includes any farm credit lending institution, including, but not limited to, a farm credit bank, farm credit association, or production credit association, whether operating under the authority of the federal Farm Credit Administration or any similar federal or State authority, and any subsidiary of that farm credit lending institution. Provides that no discount on or return of any portion of a premium or commission, whether in the form of a rebate or as part of any dividend or other financial consideration offered to a customer of any financial institution, may be offered or paid if that discount or return would provide an incentive for the customer to purchase an insurance policy, to purchase additional insurance coverage, or to obtain credit from or through a particular financial institution. Effective immediately. Senate Committee Amendment No. 1

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