2011 Vermont Code
Title 08 Banking and Insurance
Chapter 131 LICENSING REQUIREMENTS
§ 4796 Commissions; payment; acceptance
§ 4796. Commissions; payment; acceptance
(a) An insurance company, insurance producer, limited lines or surplus lines broker shall not pay a commission, service fee, brokerage or other valuable consideration to a person for selling, soliciting or negotiating insurance in this state if that person is required to be licensed under this chapter and is not so licensed.
(b) 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 is required to be licensed under this chapter and is not so licensed.
(c) Renewal or other deferred commissions may be paid to a person for selling, soliciting or negotiating insurance in this state if that person was required to be licensed under this chapter at the time of the sale, solicitation or negotiation and was so licensed at the time.
(d) An insurer, insurance producer, or limited lines producer may pay or assign commissions, service fees, brokerages or other valuable consideration to an insurance agency or to persons who do not sell, solicit or negotiate insurance in this state, unless the payment would violate subdivision 4724(8) of this title. (Amended 1973, No. 217 (Adj. Sess.), { 6; 2001, No. 97 (Adj. Sess.), { 5.)
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