375.158. Insurer shall comply with all insurance laws before doing business — commissions paid, to whom.
243 words·~1 min read·
/mo/chapter-375/375-158A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
375.158. Insurer shall comply with all insurance laws before doing business — commissions paid, to whom. — 1. No insurer shall engage in the business of insurance in this state without first complying with all the provisions of the laws of this state governing the business of insurance.
2. No insurer organized or incorporated under the laws of this state shall undertake any business or risk except as provided by those laws. No insurer organized or incorporated by or under the laws of this state or any other state of the United States or any foreign government, transacting the business of life insurance, shall be permitted or allowed to take any other kind of risks except those connected with or pertaining to making assurance on the life of a human being and the granting, purchasing and disposing of annuities and endowments, and the making of insurance against accident and sickness to persons by life or health or life and health insurers as provided in sections 376.010 and 376.309 .
3. No insurer doing business in this state shall pay any commission or other compensation to any person or entity for any services, as insurance producer, in obtaining in this state any contract of insurance except to a licensed insurance producer of the insurer and a licensed business entity insurance producer.
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(RSMo 1939 § 6004; L. 1965 p. 569, A.L. 1967 p. 516, A.L. 1993 H.B. 709, A.L. 2001 S.B. 193)
Effective 1-01-03