§ 58-33-82.1. Exchange of business.
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§ 58-33-82.1. Exchange of business.
(a)Producers may exchange business, and split the commission involved with that business, if the producer forwarding the business and the producer receiving the business both:
(1)Are licensed in all lines of insurance involved in the exchange and appointed as required by this Article.
(2)Sign or include their National Producer Numbers on the insurer's insurance application and provide written or electronic notice to the insurer and consumer of the business exchange.
(3)Have a good-faith belief that the exchange of business complies with the requirements of this Article.
(b)This section does not limit:
(1)The exchange of business in connection with specialty lines or nonstandard and professional liability business that is either:
a. Placed through a surplus lines producer; or
b. Written at an excess rate or on an individually rated and risked basis.
(2)The exchange of business in connection with risk sharing plans. (2025-45, s. 7(c).)