375.076. No consideration for unlicensed persons. - Missouri Statutes

No consideration for unlicensed persons.

375.076. 1. An insurance company or insurance producer shall not paya commission, service fee, brokerage or other valuable consideration to aperson for selling, soliciting or negotiating insurance in this state ifthat person is required to be licensed and is not so licensed.

2. A person shall not accept a commission, service fee, brokerage orother valuable consideration for selling, soliciting or negotiatinginsurance in this state if that person is required to be licensed and isnot so licensed.

3. Renewal or other deferred commissions may be paid to a person forselling, soliciting or negotiating insurance in this state if the personwas required to be licensed at the time of the sale, solicitation ornegotiation and was so licensed at that time.

4. An insurer or insurance producer may pay or assign commissions,service fees, brokerages or other valuable consideration to a businessentity licensed as an insurance producer or to persons who do not sell,solicit or negotiate insurance in this state, unless the payment wouldviolate subdivision (9) of section 375.936 or section 379.356, RSMo. Underno circumstances may an insurer or insurance producer pay or assigncommissions, service fees, brokerages or other valuable consideration to aperson whose license is under suspension or revocation.

(L. 1961 p. 504 §§ 3, 4, 5, 14, A.L. 1967 p. 516, A.L. 1981 S.B. 10, A.L. 1990 H.B. 1739, A.L. 2001 S.B. 193)

Effective 1-01-03