62A.436 COMMISSIONS. The commission, sales allowance, service fee, or compensation to an agent for the sale of a Medicare supplement plan must be the same for each of the first four years of the policy. In no event may the rate of commission, sales allowance, service fee, or compensation for the sale of a basic Medicare supplement plan exceed that which applies to the sale of an extended basic Medicare supplement plan. For purposes of this section, 'compensation' includes pecuniary or nonpecuniary remuneration of any kind relating to the sale or renewal of the policy or certificate, including but not limited to bonuses, gifts, prizes, awards, and finder's fees. This section also applies to sales of replacement policies. History: 1989 c 258 s 8; 1992 c 554 art 1 s 12; 1993 c 330 s 9 62A.436 COMMISSIONS. The commission, sales allowance, service fee, or compensation to an agent for the sale of a Medicare supplement plan must be the same for each of the first four years of the policy. In no event may the rate of commission, sales allowance, service fee, or compensation for the sale of a basic Medicare supplement plan exceed that which applies to the sale of an extended basic Medicare supplement plan. For purposes of this section, 'compensation' includes pecuniary or nonpecuniary remuneration of any kind relating to the sale or renewal of the policy or certificate, including but not limited to bonuses, gifts, prizes, awards, and finder's fees. This section also applies to sales of replacement policies. History: 1989 c 258 s 8; 1992 c 554 art 1 s 12; 1993 c 330 s 9
Minnesota Legal Code