Sec. 152. Rebates- Penalties.

179 words·~1 min read·/il/chapter-215/act-5/152

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Any company or any person violating any of the provisions of section 151 shall be guilty of a Class B misdemeanor.

(2)No agent or broker for any company doing business in this State violating any of the provisions of section 151 shall be entitled to receive any commission for the sale of any policy on which any rebate, as defined in such section, shall have been given or offered, and if any such company has paid any commission to any agent or broker for the sale of any policy on which such rebate has been given or offered, the full amount thereof may be recovered by such company from such agent or broker.

(3)No company shall be held guilty of having violated the provisions of section 151 by reason of an act of any agent, general agent, representative, broker or employee not an officer, director or department head thereof, unless an officer, director or department head of such company shall have knowingly permitted such act, or shall have had prior knowledge thereof.