Missouri Laws 375.076 – No consideration for unlicensed persons
1. An insurance company 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 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 and is not so licensed.
Terms Used In Missouri Laws 375.076
- Insurer: all insurance companies, reciprocals, or interinsurance exchanges transacting the business of insurance in this state. See Missouri Laws 375.001
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
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 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 a business entity licensed as an insurance producer or to persons who do not sell, solicit or negotiate insurance in this state, unless the payment would violate subdivision (9) of section 375.936 or section 379.356. Under no circumstances may an insurer or insurance producer pay or assign commissions, service fees, brokerages or other valuable consideration to a person whose license is under suspension or revocation.