31A-23a-502. Controlled business, except as to title insurance.
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31A-23a-502. Controlled business, except as to title insurance.
(1)As used in this section, "controlled business" means insurance procured by:
(a)an insurance producer who is a natural person upon the life, person, or property of himself, his relative within the second degree by blood or marriage, his employer, employees, or organization; or
(b)an insurance producer that is an organization upon its own property or upon the life, person, or property of its partners, shareholders, directors, or employees, or their relatives within the second degree by blood or marriage.
(2)No producer may receive any compensation from an insurer for effecting insurance upon controlled business unless during the preceding 12 months the producer had effected other insurance with aggregate premiums exceeding the premiums on the controlled business.
(3)This section does not apply to title insurance.
Renumbered and Amended by Chapter 298 , 2003 General Session