Rhode Island General Laws 27-25-40. Payments of commissions to other than agent or insurance producer forbidden
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No society doing business in this state shall pay any commission or other compensation to any person for any services in obtaining in this state any new contract of life, accident, or health insurance, or any new annuity contract, except to a licensed insurance agent or producer of the society and except an agent or insurance producer exempted from licensing by this chapter.
History of Section.
P.L. 1984, ch. 201, § 2.
Terms Used In Rhode Island General Laws 27-25-40
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
- Society: means fraternal benefit society, unless otherwise indicated. See Rhode Island General Laws 27-25-4