Illinois Insurance State Practice Exam

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Study for the Illinois Insurance State Exam. Practice with flashcards and multiple choice questions, each with hints and explanations. Ace your test!

Practice this question and more.

How many days does a Producer have to report a felony conviction to the Director?

15 days
30 days
60 days
90 days

The correct answer is: 30 days

The correct answer is 30 days, which aligns with the requirements set forth in the Illinois insurance regulations. When a producer is convicted of a felony, it is vital that they report this conviction to the Director of Insurance within this timeframe. This regulation ensures that the regulatory body is kept informed about the conduct of licensed producers, helping to maintain the integrity of the insurance industry and protect consumers. Timely reporting allows the Director to assess the situation and determine if further action, such as a suspension or revocation of the producer's license, is necessary. By having a specified reporting period, the regulation encourages transparency and accountability among insurance producers. The other timeframes provided, such as 15 days, 60 days, or 90 days, exceed or fall short of the legal requirement, which is specifically established as 30 days in this context.