(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 in this state if that person is required to be licensed under the Insurance Producers Licensing Act 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 is required to be licensed under the act 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 the act 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 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 section 44-361 .
Neb. Rev. Stat. § 44-4060
Payments; restrictions
Applied in 1 court decision — leading case 314 F. Supp. 2d 555 - Marker & Associates, Inc. v. J. Allan Hall & Associates (2004)
Most recently applied in 314 F. Supp. 2d 555 - Marker & Associates, Inc. v. J. Allan Hall & Associates (April 2004)
Laws 2001, LB 51, § 14.
Official source: Nebraska Legislature. Reproduced from public-domain Nebraska statutes; confirm against the official source for the current text. Not legal advice.