{"data":{"id":"us-il/215-ilcs-5-1404","jurisdiction":"us-il","citation":"215 ILCS 5/1404","heading":"Subsidiaries or divisions.","body":"A financial institution shall not qualify for registration as a registered firm under Section 499.1 of this Code unless: (1) it establishes a separate subsidiary that acts as the registered firm or (2) it is otherwise permitted by law to sell insurance directly through the financial institution, and it establishes a separate division within the financial institution to conduct the business of the registered firm. The subsidiary or division acting as a registered firm shall maintain records for insurance transactions that are separate and distinct from the records of the financial institution.","path":["CHAPTER 215 INSURANCE","Illinois Insurance Code."],"source_url":"https://www.ilga.gov/legislation/ILCS/details?ActID=1249\u0026ChapterID=22\u0026ChapAct=FullText\u0026Print=True","current_through":"at least Public Act 104-790","vintage":"","retrieved_at":"2026-09-15T04:46:30Z","sha256":"e2789e00394bfd060ca991b97aee682a5cacad32e9488ef076a30e25731a52f7","source_id":"us-il","stale":false,"prev":"us-il/215-ilcs-5-1403","next":"us-il/215-ilcs-5-1405"},"notice":"GroundRules: Original legal text. Not legal advice."}