New Jersey Statutes 17:22A-41. Licensure required for receipt of commission
Terms Used In New Jersey Statutes 17:22A-41
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
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 act 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 the person was required to be licensed under this act at the time of the sale, solicitation or negotiation and was so licensed at that time.
d. 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 15 of P.L.1944, c.27 (C. 17:29A-15), section 14 of P.L.1982, c.114 (C. 17:29AA-14), section 4 of P.L.1947, c.379 (C. 17:29B-4), section 5 of P.L.1968, c.248 (C. 17:46A-5), section 34 or 35 of P.L.1975, c.106 (C. 17:46B-34 or 17:46B-35) or N.J.S. 17B:30-13 or any other provision of law.
L.2001,c.210,s.16.