Compensation; restrictions

Sec. 22. An insurance producer may not receive compensation for the sale, solicitation, negotiation, or renewal of any insurance policy issued to any person or entity for whom the insurance producer, for a fee, acts as a consultant for that policy unless: (1) the insurance producer provides to the insured a written agreement in accordance with section 23(c) of this chapter; and (2) the insurance producer discloses to the insured the following information prior to the sale, solicitation, negotiation, or renewal of any policy: (A) The fact that the insurance producer will receive compensation for the sale of the policy. (B) The method of compensation. As added by P.L.132-2001, SEC.3. Amended by P.L.193-2006, SEC.3.