Chapter 16: PRODUCERS, ADJUSTERS AND CONSULTANTS HEADING: PL 1997, C. 457, §23 (NEW); 2001, C.
259, §1 (RPR)
Subchapter 4: PRODUCERS HEADING: PL 1997, C. 457, §23 (NEW)
§1450. Commissions; payment; acceptance
Except as provided in section 1420-L, an insurer, health maintenance organization,
fraternal benefit society or nonprofit hospital or medical service organization may
not pay to any unlicensed person, either directly or indirectly, any commission on
a sale of a contract of insurance issued on a risk located or to be performed within
this State unless at the time of the taking of the application for the insurance the
person was duly licensed by this State as an insurance producer as to the kind or
kinds of insurance involved. An unlicensed person or business entity may not receive
or accept any commission or compensation for insurance unless licensed pursuant to
2001, c. 259, §43 (AMD)
If an insurance producer does not have an appointment with an insurer, the insurance
producer may place with that insurer, through a duly licensed and appointed producer
of such insurer, an insurance coverage necessary for the adequate protection of a
subject of insurance and share in the commission on that insurance, if each producer
is licensed as to the kinds of insurance involved.
2011, c. 238, Pt. H, §5 (AMD)
With respect to the sale of property and casualty insurance sold to large commercial
insurance risks, producers may be compensated by fees paid by or on behalf of the
insured, by commissions paid by an insurer or by a combination of both. The superintendent
may adopt rules to establish standards for determining large commercial insurance
risks. Rules adopted pursuant to this subsection are routine technical rules as defined
in Title 5, chapter 375, subchapter II-A.
1997, c. 457, §23 (NEW);
1997, c. 457, §55 (AFF)
1997, c. 457, §23 (NEW).
1997, c. 457, §55 (AFF).
2001, c. 259, §43 (AMD).
2011, c. 238, Pt. H, §5 (AMD).
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