Illinois Insurance State Practice Exam

What must a Producer do within 30 days related to felony convictions?

1. Attend a training

2. Report to their employer

3. Report to the Director

4. File a claim

The correct answer is: Report to the Director

In Illinois, if a Producer (which typically refers to a licensed insurance agent or broker) has a felony conviction, they are required to report this conviction to the Director of the Department of Insurance within 30 days. This requirement emphasizes the importance of transparency and accountability among licensed professionals in the insurance industry, ensuring that they maintain certain standards of conduct. The Director is responsible for overseeing the compliance of insurance producers with laws and regulations, and receiving this information allows the department to assess the impact of the felony on the individual’s ability to fulfill their professional duties responsibly. The choices related to attending training or reporting to an employer do not fulfill the specific legal obligation set forth by state regulations for felony convictions. Filing a claim is unrelated to the reporting requirement and does not address the issue of personal conduct related to felony convictions. The correct action is to inform the Director, as it is directly stipulated by Illinois insurance laws.