State RegulationsIL specificDifficulty 1/5
Under 215 ILCS 5/500-135, what license fee does a business entity pay for an Illinois insurance producer license?
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Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
215 ILCS 5/500-135 sets the business entity producer license fee at $150 for the 2-year term, less than the $215 individual resident fee. A business entity acting as an insurance producer in Illinois — an agency, partnership, LLC, or corporation — renews on the same 2-year cycle and must satisfy the same continuing-education and compliance expectations.
Why the other options are wrong
- A) $50 is the temporary-license and course-certification fee category under 215 ILCS 5/500-135, not the business entity license fee.
- B) $215 is the individual resident fee; a business entity pays $150.
- D) $1,000 is the annual continuing-education provider registration fee under 215 ILCS 5/500-135.
Memory hook
Entities pay one-fifty.