Compensation of producer, regulations--not to receive pay frominsured, exception.
375.116. 1. An insurance company or insurance producer may paymoney, commissions or brokerage, or give or allow anything of value, for oron account of negotiating contracts of insurance, or placing or solicitingor effecting contracts of insurance, to a duly licensed insurance producer.
2. Nothing in this chapter shall abridge or restrict the freedom ofcontract of insurance companies or insurance producers with reference tothe amount of commissions or fees to be paid to the insurance producers andthe payments are expressly authorized.
3. No insurance producer shall have any right to compensation otherthan commissions deductible from premiums on insurance policies orcontracts from any applicant for insurance or insured for or on account ofthe negotiation or procurement of, or other service in connection with, anycontract of insurance made or negotiated in this state or for any otherservices on account of insurance policies or contracts, includingadjustment of claims arising therefrom, unless the right to compensation isbased upon a written agreement between the insurance producer and theinsured specifying or clearly defining the amount or extent of thecompensation. Nothing contained in this section shall affect the right ofany insurance producer to recover from the insured the amount of anypremium or premiums for insurance effectuated by or through the insuranceproducer.
4. No insurance producer shall, in connection with the negotiation,procurement, issuance, delivery or transfer in this state of any contractof insurance made or negotiated in this state, directly or indirectly,charge or receive from the applicant for insurance or insured therein anygreater sum than the rate of premium fixed therefor and shown on the policyby the insurance company, unless the insurance producer has a right tocompensation for services created in the manner specified in subsection 3of this section.
(L. 1961 p. 504 § 12, A.L. 1967 p. 516, A.L. 2001 S.B. 193)
Compensation of producer, regulations--not to receive pay frominsured, exception.
375.116. 1. An insurance company or insurance producer may paymoney, commissions or brokerage, or give or allow anything of value, for oron account of negotiating contracts of insurance, or placing or solicitingor effecting contracts of insurance, to a duly licensed insurance producer.
2. Nothing in this chapter shall abridge or restrict the freedom ofcontract of insurance companies or insurance producers with reference tothe amount of commissions or fees to be paid to the insurance producers andthe payments are expressly authorized.
3. No insurance producer shall have any right to compensation otherthan commissions deductible from premiums on insurance policies orcontracts from any applicant for insurance or insured for or on account ofthe negotiation or procurement of, or other service in connection with, anycontract of insurance made or negotiated in this state or for any otherservices on account of insurance policies or contracts, includingadjustment of claims arising therefrom, unless the right to compensation isbased upon a written agreement between the insurance producer and theinsured specifying or clearly defining the amount or extent of thecompensation. Nothing contained in this section shall affect the right ofany insurance producer to recover from the insured the amount of anypremium or premiums for insurance effectuated by or through the insuranceproducer.
4. No insurance producer shall, in connection with the negotiation,procurement, issuance, delivery or transfer in this state of any contractof insurance made or negotiated in this state, directly or indirectly,charge or receive from the applicant for insurance or insured therein anygreater sum than the rate of premium fixed therefor and shown on the policyby the insurance company, unless the insurance producer has a right tocompensation for services created in the manner specified in subsection 3of this section.
(L. 1961 p. 504 § 12, A.L. 1967 p. 516, A.L. 2001 S.B. 193)
Compensation of producer, regulations--not to receive pay frominsured, exception.
375.116. 1. An insurance company or insurance producer may paymoney, commissions or brokerage, or give or allow anything of value, for oron account of negotiating contracts of insurance, or placing or solicitingor effecting contracts of insurance, to a duly licensed insurance producer.
2. Nothing in this chapter shall abridge or restrict the freedom ofcontract of insurance companies or insurance producers with reference tothe amount of commissions or fees to be paid to the insurance producers andthe payments are expressly authorized.
3. No insurance producer shall have any right to compensation otherthan commissions deductible from premiums on insurance policies orcontracts from any applicant for insurance or insured for or on account ofthe negotiation or procurement of, or other service in connection with, anycontract of insurance made or negotiated in this state or for any otherservices on account of insurance policies or contracts, includingadjustment of claims arising therefrom, unless the right to compensation isbased upon a written agreement between the insurance producer and theinsured specifying or clearly defining the amount or extent of thecompensation. Nothing contained in this section shall affect the right ofany insurance producer to recover from the insured the amount of anypremium or premiums for insurance effectuated by or through the insuranceproducer.
4. No insurance producer shall, in connection with the negotiation,procurement, issuance, delivery or transfer in this state of any contractof insurance made or negotiated in this state, directly or indirectly,charge or receive from the applicant for insurance or insured therein anygreater sum than the rate of premium fixed therefor and shown on the policyby the insurance company, unless the insurance producer has a right tocompensation for services created in the manner specified in subsection 3of this section.
(L. 1961 p. 504 § 12, A.L. 1967 p. 516, A.L. 2001 S.B. 193)
