58-30-171. Payment to unlicensed insurance producer prohibited.
69 words·~1 min read·
/sd/title-58/chapter-58-30/58-30-171·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No insurer or insurance producer may pay a commission, service fee, brokerage, or other valuable consideration to a person for selling, soliciting, or negotiating insurance in this state if that person is required to be licensed under §§ 58-30-141 to 58-30-195 , inclusive, and is not so licensed. Nothing in this section allows an insurer to pay commissions to a nonappointed insurance producer if an appointment is otherwise required.