§ 58-43-30. Agreements restricting insurance producer's commission; penalty.
178 words·~1 min read·
/nc/chapter-58/58-43-30A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 58-43-30. Agreements restricting insurance producer's commission; penalty.
It is unlawful for any insurance company doing the business of insurance as defined in subdivisions
(3)to (22), inclusive, of G.S. 58-7-15 and employing an insurance producer representing another such company, either directly or through any organization or association, to enter into, make or maintain any stipulation or agreement in anywise limiting the compensation such insurance producer may receive from any such other company or forbidding or prohibiting reinsurance of the risks of any such domestic company in whole or in part by any other company holding membership in or cooperating with such organization or association. The penalty for any violation of this section shall be a fine of not less than one thousand dollars ($1,000) nor more than five thousand dollars ($5,000), and the forfeiture of license to do business in this State for a period of 12 months following conviction. (1905, c. 424; Rev., ss. 3491, 4768; 1915, c. 166, ss. 2, 3; C.S., s. 6432; 1945, c. 458; 1985, c. 666, s. 26; 2022-46, s. 14(iii).)