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Mississippi Code Title 83. Insurance § 83-17-73

Current as of January 01, 2025 | Updated by Findlaw Staff

(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 under this article 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 this article 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 this article 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 83-17-7 or any other applicable provision of Title 83, Mississippi Code of 1972.

(5) Notwithstanding any provision in this section to the contrary, employees and authorized agents of a limited license rental car company:

(a) May receive compensation for activities under the rental car company's limited license that is incidental to their overall compensation, including, but not limited to, commissions, bonuses and other valuable consideration;

(b) May offer, sell or solicit, in connection with and incidental to the rental of rental cars, the kinds of insurance specified in Section 83-17-63(1)(h) under the limited license of the rental car company; and

(c) Shall not require any additional licensing under this chapter or any other provision of Title 83 relating to paragraph (a) or (b) above.

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Cite this article: FindLaw.com - Mississippi Code Title 83. Insurance § 83-17-73 - last updated January 01, 2025 | https://codes.findlaw.com/ms/title-83-insurance/ms-code-sect-83-17-73/

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