State RegulationsIL specificDifficulty 1/5
An applicant passes both required Illinois producer examinations and is issued a resident insurance producer license. Under 215 ILCS 5/500-135, what license fee applies and for what term is the license issued?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under 215 ILCS 5/500-135(a)(1), a resident producer license costs $215 and is issued for a 2-year term. The license remains in effect as long as the holder stays eligible, completes continuing education, and pays the fee, with renewal tied to the producer's birth month every 2 years. The practical consequence: a resident budgets $215 on a 2-year cycle, not annually.
Why the other options are wrong
- A) $92 is the fee for taking the licensing examination, not the license fee, and it does not purchase a license term.
- C) $180 is the superseded pre-increase resident fee; the current text of 215 ILCS 5/500-135 sets the resident fee at $215.
- D) $380 is the nonresident license fee under 215 ILCS 5/500-135; a resident applicant pays $215.
Memory hook
Two-fifteen for two years: the resident fee matches the term.