Illinois and Fees Allowed by Insurance Agents

Illinois Insurance Agents Can Charge Fees with these Limitations

Here is the link...

http://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=021500050K500-80

The agency may charge fees under the following conditions:

1. Agent provides written disclosure
2. If Fee exceeds 10% of premium, disclosure must be signed by insured
3. If policy is cancelled within 90 days, pro rata portion of fee must be refunded
4.  No fee can be made for cancellation of policy

If documented that fee was for a service the producer performed corresponding to applicable coverage or policy, the disclosure can state the fee is fully earned immediately