522B.12 Commissions.
1. An insurer or insurance producer shall not 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 this chapter and is not so licensed.
2. A person shall not accept a commission, service fee, brokerage, or other valuable consideration for selling, soliciting, or negotiating insurance in this state if that person is required to be licensed under this chapter and is not so licensed.
3. Renewal or other deferred commissions may be paid to a person for selling, soliciting, or negotiating insurance in this state if the person was required to be licensed under this chapter at the time of the sale, solicitation, or negotiation and was so licensed at that time.
4. An insurer or insurance producer may pay or assign a commission, service fee, brokerage, or other valuable consideration to an insurance agency or to a person who does not sell, solicit, or negotiate insurance in this state, unless the payment would violate chapter 507B.
2001 Acts, ch 16, §26, 37; 2007 Acts, ch 152, §83
Structure Iowa Code
Chapter 522B - LICENSING OF INSURANCE PRODUCERS
Section 522B.2 - License required.
Section 522B.3 - Exceptions to licensing.
Section 522B.4 - Application for examination.
Section 522B.5 - Application for license.
Section 522B.5A - Criminal history check.
Section 522B.7 - Nonresident licensing.
Section 522B.8 - Exemption from examination.
Section 522B.9 - Assumed names.
Section 522B.10 - Temporary licensing.
Section 522B.12 - Commissions.
Section 522B.13 - Appointments.
Section 522B.14 - Notification to commissioner of termination — penalties.
Section 522B.15 - Reciprocity.
Section 522B.16 - Reporting of actions.
Section 522B.16A - Duties of licensees.
Section 522B.16B - Written consent to engage or participate in business of insurance.
Section 522B.17 - Cease and desist orders — penalties.