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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

  Chapter 375back to chapter 375

  375.076.  No consideration for unlicensed persons. — 1.  An insurance company or insurance producer shall not pay a commission, service fee, brokerage or other valuable consideration to a person for selling, soliciting or negotiating insurance in this state if that person is required to be licensed and is not so licensed.

  2.  A person shall not accept a commission, service fee, brokerage or other valuable consideration for selling, soliciting  or negotiating insurance in this state if that person is required to be licensed and is not so licensed.

  3.  Renewal or other deferred commissions may be paid to a person for selling, soliciting or negotiating insurance in this state if the person was required to be licensed at the time of the sale, solicitation or negotiation and was so licensed at that time.

  4.  An insurer or insurance producer may pay or assign commissions, service fees, brokerages or other valuable consideration to a business entity licensed as an insurance producer or to persons who do not sell, solicit or negotiate insurance in this state, unless the payment would violate subdivision (9) of section 375.936 or section 379.356. Under no circumstances may an insurer or insurance producer pay or assign commissions, service fees, brokerages or other valuable consideration to a person whose license is under suspension or revocation.

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(L. 1961 p. 504 §§ 3, 4, 5, 14, A.L. 1967 p. 516, A.L. 1981 S.B. 10, A.L. 1990 H.B. 1739, A.L. 2001 S.B. 193)

Effective 1-01-03


< end of effective 01 Jan 2003 >

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