2011 Missouri Revised Statutes
TITLE XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 376 Life, Health and Accident Insurance
Section 376.1087. Commissions not to be contingent on savings in payment of claims--may be based on premiums collected.
Commissions not to be contingent on savings in payment of claims--may be based on premiums collected.
376.1087. 1. An administrator shall not enter into any agreement or understanding with an insurer in which the effect is to make the amount of the administrator's commissions, fees or charges contingent upon savings effected in the adjustment, settlement and payment of losses covered by the insurer's obligations. This provision shall not prohibit an administrator from receiving performance based compensation for providing hospital or other auditing services.
2. This section shall not prevent the compensation of an administrator from being based on premiums or charges collected or the number of claims paid or processed.
(L. 1993 H.B. 709 48)
Annotation Copyright Missouri Joint Committee on Legislative Research
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