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.
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