Section 162B. Insurance agents and brokers may accept payment of insurance premiums in installments to be evidenced by notes or other appropriate instruments running from the insured to the agent or broker; provided, however, that payment of insurance premiums in installments to be evidenced by notes or other appropriate instruments running from the insured to the agent or broker on contracts of insurance, which contracts are primarily for personal, family or household purposes, shall be made under rates, charges and regulations established after public hearing, as equitable and nondiscriminatory, by a board consisting of the attorney general, the insurance commissioner and the commissioner of banks or their respective designees.
For purposes of financing insurance premiums and the subsequent sale or other negotiation of any such note or instrument to a third party, insurance agents and brokers shall be considered to be sellers of insurance.
Section: Previous 161A 161B 161C 161D 161E 162 162A 162B 162C 162D 162E 162F 162G 162H 162I NextLast modified: September 11, 2015