L&HIllinoiseasy
In Illinois, before a producer may solicit a variable annuity, which of the following is required in addition to a FINRA securities registration (Series 6 or 7)?
A separate Illinois variable contracts line of authority under 215 ILCS 5/500-35
BA real estate broker license
COnly the FINRA registration; Illinois imposes no additional line
DA bank trust officer designation
Why this is the answer
215 ILCS 5/500-35 governs variable contracts in Illinois. Because a variable annuity is both an insurance product and a security, producers need dual qualification: a FINRA Series 6 or 7 securities registration through a broker-dealer and an IDOI-issued variable contracts line of authority on the Illinois producer license. A producer who holds only one of the two qualifications may not lawfully solicit a variable annuity, and the insurer must verify both before accepting an application.
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