§431:9A-114 Appointments. (a) An insurance producer shall not act as an agent of an insurer unless the insurance producer becomes an appointed agent of that insurer or is contracted with and appointed by an insurance producer so appointed.
(b) To appoint a producer as its agent, the appointing insurer or producer shall file, in a format approved by the commissioner, a notice of appointment within fifteen days from the date the agency or business entity contract is executed or the first insurance application is submitted to the insurer or producer. If the appointment form is not received by the commissioner within the fifteen-day period, the appointment shall become effective on the date on which the commissioner receives the appointment form. A producer shall disclose to a client if the conditions of subsection (a) have not been met. An insurer or producer may also elect to appoint a producer to all or some insurers within the insurer's or producer's holding company system or group by filing with the commissioner a single appointment notice.
(c) Upon receipt of the notice of appointment and within a reasonable time not to exceed thirty days, the commissioner shall verify that the insurance producer is eligible for appointment. If the insurance producer is determined to be ineligible for appointment, the commissioner shall notify the appointing insurer or producer within five days of its determination.
(d) An appointing insurer or producer shall pay an appointment fee, in the amount and method of payment set forth in article 7, for each insurance producer appointed by the appointing insurer or producer.
(e) An appointing insurer or producer shall remit, in a manner prescribed by the commissioner, a renewal appointment fee in the amount set forth in article 7. [L 2001, c 216, pt of §2; am L 2002, c 155, §32]
Section: Previous 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-120 431-9a-121 NextLast modified: October 27, 2016