522B.12 Commissions. 1. An insurer or insurance producer shall not pay a commission, service fee, brokerage, or other valuable consideration to a person for selling, soliciting, or negotiating insurance inthis state if that person is required to be licensed under this chapter and is not so licensed. 2. A person shall not accept a commission, service fee, brokerage, or other valuable consideration for selling, soliciting, or negotiating insurance in this state if that person isrequired to be licensed under this chapter and is not so licensed. 3. Renewal or other deferred commissions may be paid to a person for selling, soliciting, or negotiating insurance in this state if the person was required to be licensed under thischapter at the time of the sale, solicitation, or negotiation and was so licensed at that time. 4. An insurer or insurance producer may pay or assign a commission, service fee, brokerage, or other valuable consideration to an insurance agency or to a person who doesnot sell, solicit, or negotiate insurance in this state, unless the payment would violate chapter507B. 2001 Acts, ch 16, §26, 37; 2007 Acts, ch 152, §83 Sat Dec 23 00:54:06 2023 Iowa Code 2024, Section t sell, solicit, or negotiate insurance in this state, unless the payment would violate chapter507B. 2001 Acts, ch 16, §26, 37; 2007 Acts, ch 152, §83 Sat Dec 23 00:54:06 2023 Iowa Code 2024, Section 522B.12 (17, 0)
Iowa Legal Code