nullSPRINGFIELD, IL – A measure sponsored by State Senator William Haine (D – Alton) that prohibits insurance producers from misleading senior citizen customers has passed the General Assembly.

Senate Bill 1607 forbids insurance companies from using a senior-specific certification to knowingly misrepresent themselves to prospective or current senior clients relating to the sale of life insurance policies.

“This bill punishes insurance salespeople who lie to seniors,” Haine said. “This measure was brought to me by insurance agents and it has their support.  We simply want to remove the bad apples who sometimes give insurance agents a bad name.”

“The vast majority of insurance agents are honest and competent,” Haine added. “This bill goes after the small number of those who are scamming people.”

Senate Bill 1607 prohibits insurance providers from using a certification or professional designation that has not actually been earned, using a certification that the insurance provider has issued to itself, or using recognitions granted by marketing firms.

Under the terms of this bill, if an insurance provider breaks the law, the Department of Insurance may issue a cease and desist order to that particular insurance provider.

“This bill will level the playing field and ensure that seniors are negotiated with in good faith,” Haine said.

Senate Bill 1607 now awaits action by the Governor.

Category: News Releases

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