379.356. Excessive premiums and rebates prohibited. - Missouri Statutes

Excessive premiums and rebates prohibited.

379.356. 1. No insurer or insurance producer shall knowingly charge,demand or receive a premium for any policy of insurance except inaccordance with the provisions of section 379.017 and sections 379.316 to379.361. No insurer or employee thereof, and no insurance producer shallpay, 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 anyspecial favor or advantage in the dividends or other benefits to accruethereon, or any valuable consideration or inducement whatever, notspecified in the policy of insurance, except to the extent provided for inapplicable filings. No insured named in any policy of insurance shallknowingly receive or accept, directly or indirectly, any rebate, discount,abatement, credit or reduction of premium, or any special favor oradvantage or valuable consideration or inducement. Nothing in this sectionshall be construed as prohibiting the payment of, nor permitting theregulation of the payment of, commissions or other compensation to dulylicensed insurance producers; nor as prohibiting, or permitting theregulation of, any insurer from allowing or returning to its participatingpolicyholders or members, dividends or savings.

2. An insurer or insurance producer, agent or broker may chargeadditional incidental fees for premium installments, late payments, policyreinstatements, or other similar services specifically provided for by lawor regulation. Such fees shall be disclosed to the applicant or insured inwriting.

(L. 1972 S.B. 547 § 18, A.L. 2001 S.B. 186 merged with S.B. 193)

Effective 1-01-03

CROSS REFERENCE:

Incidental fees, additional, may be charged, when, disclosure to insured, RSMo 375.052