§ 58-43-30. Agreements restricting agent's commission; penalty. - North Carolina Statutes

§58‑43‑30.  Agreements restricting agent's commission; penalty.

It is unlawful for anyinsurance company doing the business of insurance as defined in subdivisions(3) to (22), inclusive, of G.S. 58‑7‑15 and employing an agentrepresenting another such company, either directly or through any organizationor association, to enter into, make or maintain any stipulation or agreement inanywise limiting the compensation such agent may receive from any such othercompany or forbidding or prohibiting reinsurance of the risks of any suchdomestic company in whole or in part by any other company holding membership inor cooperating with such organization or association. The penalty for anyviolation of this section shall be a fine of not less than one thousand dollars($1,000) nor more than five thousand dollars ($5,000), and the forfeiture oflicense to do business in this State for a period of 12 months followingconviction. (1905, c. 424; Rev., ss. 3491, 4768; 1915, c. 166, ss.2, 3; C.S., s. 6432; 1945, c. 458; 1985, c. 666, s. 26.)