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NC S92
Bill
AI Summary
- Caps referral fees paid to unlicensed persons for insurance referrals to licensed agents or brokers at $50.00 maximum value
- Violations of the referral fee cap are punishable by a fine of up to $2,000 for each violation, in addition to other applicable penalties
- Maintains existing prohibitions on paying commissions or fees to unlicensed persons required to be licensed under insurance law
- Allows exceptions for commissions paid to business entities, deferred commissions, and indirect receipt circumstances where no license is required
- Becomes effective October 1, 2021, and applies to all referrals made after that date
Legislative Description
Insurance Referral Fee Cap
Public
Last Action
Ref To Com On Rules and Operations of the Senate
2/15/2021
Committee Referrals
Rules and Operations of the Senate2/15/2021
Full Bill Text
No bill text available