[§431:9A-113] Commissions. (a) An insurance company or insurance producer shall not pay a commission, service fee, brokerage fee, or other valuable consideration to a person for selling, soliciting, or negotiating insurance in this State if that person is required to be licensed under this article and is not so licensed.
(b) A person shall not accept a commission, service fee, brokerage fee, or other valuable consideration for selling, soliciting, or negotiating insurance in this State if that person is required to be licensed under this article and is not so licensed.
(c) Renewal or other deferred commissions may be paid to a person for selling, soliciting, or negotiating insurance in this State if that person was required to be licensed under this article at the time of the sale, solicitation, or negotiation and was so licensed.
(d) An insurer or insurance producer may pay or assign commissions, service fees, brokerage fees, or other valuable consideration to an insurance agency or to persons who do not sell, solicit, or negotiate insurance in this State, unless the payment would violate section 431:13-103. [L 2001, c 216, pt of §2]
Section: Previous 431-9a-108.5 431-9a-109 431-9a-110 431-9a-111 431-9a-112 431-9a-112.3 431-9a-112.5 431-9a-113 431-9a-114 431-9a-115 431-9a-116 431-9a-117 431-9a-118 431-9a-119 431-9a-120 NextLast modified: October 27, 2016