20-451. Rebates on other than life or disability insurance
No insurer or employee, insurance producer or representative thereof shall knowingly charge, demand or receive a premium for any policy of insurance, other than life or disability insurance, except in accordance with any applicable filing on file with the director. No such insurer, employee, insurance producer or representative shall offer, pay, allow or give, directly or indirectly, as an inducement to insurance, or after insurance has been effected, any rebate, discount, abatement, credit or reduction of the premium named in a policy of insurance, or any special favor or advantage in the dividends or other benefits to accrue thereon, or any valuable consideration or inducement whatever, not specified in the policy of insurance, except to the extent provided for in an applicable filing. No insured named in a policy of insurance nor any representative or employee of the insured shall knowingly receive or accept, directly or indirectly, any such rebate, discount, abatement, credit or reduction of premium, or any such special favor or advantage or valuable consideration or inducement. Nothing in this section shall be construed as prohibiting the payment of commissions or other compensation to duly licensed insurance producers nor as prohibiting any insurer from allowing or returning to its participating policyholders, members or subscribers dividends, savings or unabsorbed premium deposits. As used in this section " insurance" includes suretyship and " policy" includes bond.
Section: Previous 20-446 20-447 20-448 20-448.01 20-448.02 20-449 20-450 20-451 20-452 20-452.01 20-452.02 20-452.03 20-452.04 20-453 20-454 NextLast modified: October 13, 2016