Section 378.633

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 378

Effective - 28 Aug 2015   

  378.633.  Agents, licensing of — persons not deemed agents. — 1.  Agents of societies shall be licensed in accordance with the provisions of chapter 375 regulating the licensing, revocation, suspension or termination of license of resident and nonresident agents; provided, that no person who acted in the capacity as an agent of a licensed society for a period of at least six months immediately preceding October 13, 1969, shall be required to take an examination as provided for in chapter 375 as a condition for licensure as an insurance agent.

  2.  The following individuals shall not be deemed an agent of a fraternal benefit society within the provisions of subsection 1 of this section:

  (1)  Any regular salaried officer, employee or secretary of a licensed society or any subordinate lodge thereof, who devotes substantially all of his services to activities other than the solicitation of fraternal insurance contracts from the public, and who receives for the solicitation of such contracts no commission or other compensation directly dependent upon the amount of business obtained; or

  (2)  Any member representative of any society who devotes, or intends to devote, less than fifty percent of his or her time to the solicitation and procurement of insurance contracts for such society.  Any person who in the preceding calendar year has solicited and procured life insurance contracts on behalf of any society in an amount of insurance in excess of fifty thousand dollars, or, in the case of any other kind or kinds of insurance which the society might write, on the persons of more than twenty-five individuals and who has received or will receive a commission or other compensation therefor, shall be presumed to be devoting, or intending to devote, fifty percent or more of his or her time to the solicitation or procurement of insurance contracts for such society.

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(L. 1992 S.B. 831, A.L. 2015 S.B. 392)