628.46 Annotation
Excess liability insurance. Griffin. 62 MLR 375 (1979).
628.48
628.48
Risk retention groups. 628.48(1)
(1)
Prohibited marketing. A risk retention group may not do any of the following:
628.48(1)(a)
(a) Solicit or sell insurance to any person who is not eligible for membership in the risk retention group.
628.48(1)(b)
(b) Solicit or sell insurance or otherwise operate if the risk retention group is in a hazardous financial condition or is financially impaired.
628.48(2)
(2) Notice in policies. A risk retention group may not issue an insurance policy unless the following notice, in 10-point type, is included on the front page and declarations page of the policy:
Notice
This policy is issued by your risk retention group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance insolvency guaranty funds are not available for your risk retention group.
628.48 History
History: 1987 a. 247.
628.49
628.49
Regulation of managing general agents, reinsurance brokers and managers and controlling producers. After considering the applicable model acts adopted by the national association of insurance commissioners, the commissioner may promulgate rules that are reasonably necessary to regulate the business practices and transactions of the following:
628.49(4)
(4) Intermediaries that control an insurer.
628.49 History
History: 1991 a. 269.
COMPENSATION OF INTERMEDIARIES
628.51
628.51
Controlled business. No intermediary may receive any compensation from an insurer for effecting insurance upon the intermediary's property, life or other risk unless during the preceding 12 months the intermediary had effected other insurance with the same insurer with aggregate premiums exceeding the premiums on the intermediary's risks.
628.51 History
History: 1975 c. 371,
421.
628.61
628.61
Sharing commissions. 628.61(1)(1)
Prohibition. No intermediary or insurer may pay any consideration, nor reimburse out-of-pocket expenses, to any natural person for services performed within this state as an intermediary if he or she knows or should know that the payee is not licensed under
s. 628.04 or
628.09. No natural person may accept compensation for service performed as an intermediary unless the natural person is licensed under
s. 628.04 or
628.09.
628.61(2)
(2) Exceptions. This section does not prohibit:
628.61(2)(a)
(a) The payment of deferred commissions to formerly licensed agent and broker intermediaries or their assignees; or
628.61(2)(b)
(b) The proper exchange of business between agent and broker intermediaries lawfully licensed in this state.
628.77
628.77
Bonuses prohibited. 628.77(1)(1)
General. No life insurer or representative of a life insurer may provide any bonus, prize or award or similar additional compensation on insurance business transacted in this state, as a result of a contest or competition among intermediaries, except that awards may be given not primarily as compensation but as recognition of merit, if no such award has a cost in excess of $150 and if the aggregate cost of all such awards in any calendar year does not exceed 1.5% of the insurer's total first year life insurance premium income derived from sales in this state, excluding single premium income.
628.77(2)
(2) Business or educational conferences. Payment may be made to cover reasonable actually incurred expenses in connection with any educational conference, meeting or training course of an insurer or intermediary held for bona fide business or educational purposes.
628.77 History
History: 1975 c. 371.
628.78
628.78
Benefit plans for agents. A domestic insurer may establish retirement, insurance and other benefit plans for agents on an actuarial basis approved by the commissioner.
628.78 History
History: 1975 c. 371.
628.81
628.81
Filing of commission rates paid to agents and brokers. Every insurer shall at or prior to the filing of its application for a certificate of authority file such information as the commissioner requests about the percentages and kinds of commissions paid to agents and brokers within this state, as well as the amounts of any fixed salaries if they are supplemented by commissions. It shall supply amended information promptly after any major change, and whenever the commissioner requests by rule or by order.
628.81 History
History: 1975 c. 371.
