Payment, acceptance and assignment of commissions, brokerage, fees for service and other valuable considerations.
1. An insurer or a producer of insurance shall not pay a commission, brokerage, fee for service or other valuable consideration to a person for selling, soliciting or negotiating insurance in this State if his activities require him to be licensed under this title and he is not so licensed.
2. A person shall not accept a commission, brokerage, fee for service or other valuable consideration for selling, soliciting or negotiating insurance in this State if his activities require him to be licensed under this title and he is not so licensed.
3. Commissions for renewal and other deferred commissions may be paid to a person whose activities required him to be licensed under this title at the time of the sale, solicitation or negotiation and he was so licensed at that time.
4. An insurer or producer of insurance may pay or assign commissions, brokerage, fees for service or other valuable considerations to an insurance agency or a person who does not sell, solicit or negotiate insurance in this State unless the payment would violate the provisions of NRS 686A.110 or 686A.120.
Last modified: February 27, 2006