HB0002 - Insurance agent appointments.

 

2001

State of Wyoming

01LSO-0023

 

 

 

HOUSE BILL NO.  HB0002

 

 

Insurance agent appointments.

 

Sponsored by:  Representative(s) Tempest

 

 

A BILL

 

for

 

 1  AN ACT relating to insurance agents; authorizing agents to
 2  place insurance with insurers before appointment by
 3  insurer; specifying conditions and restrictions for
 4  accepting business, paying and receiving commissions;
 5  making conforming amendments; and providing for an
 6  effective date.

 7 

 8  Be It Enacted by the Legislature of the State of Wyoming:

 9 

10         Section 1.  W.S. 26-1-102(a)(ii), 26-9-102(c),
11  26-9-118 by creating a new subsection (d) and 26-9-132 are
12  amended to read:

13 

14         26-1-102.  Definitions.

15 

16         (a)  As used in this act:

17 

 

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 1             (ii)  "Agent", except as otherwise provided in
 2  W.S. 26-9-103, means any individual, firm or corporation
 3  appointed, or authorized and subsequently appointed
 4  pursuant to W.S. 26-9-118(d), by an insurer to solicit
 5  applications for insurance or annuities or to negotiate
 6  insurance or annuities on its behalf;

 7 

 8       26-9-102.  License required of agents, brokers and
 9  solicitors; forms.

10 

11       (c)  Except as provided in W.S. 26-9-131 and
12  26-9-118(d), no agent shall place any insurance with any
13  insurer as to which he does not then hold a license and
14  appointment as agent under this chapter.

15 

16       26-9-118.  Appointment of agents generally;
17  continuation.

18 

19         (d)  An agent who holds a valid license may solicit
20  applications for insurance on behalf of an authorized
21  insurer with which the agent does not have a valid
22  appointment on file with the commissioner if the agent has
23  permission from theinsurer to solicit insurance on the
24  insurer's behalf and the insurer upon receipt of the

 

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 1  application for insurance submits a written notice of
 2  appointment and appointment fee to the commissioner as
 3  provided in this section. An insurer shall not accept
 4  business from an unappointed agent unless the insurer meets
 5  the requirements of this section.

 6 

 7         26-9-132.  Sharing of commissions.

 8 

 9  No agent, broker or solicitor shall share the commission or
10  other compensation he receives because of a transaction
11  under his license with any person not also licensed as
12  agent, broker or solicitor under this chapter as to the
13  kinds of insurance involved in the transaction. In the case
14  of an insurance agent, the agent must also be properly
15  appointed under this chapter before the insurer may pay, or
16  the agent may accept, any commission or other valuable
17  consideration for services as an insurance agent. This
18  provision section does not affect personal use of the
19  commissions or compensation, or payment of the regular
20  salaries due employees of an agent or broker, or
21  distribution in regular course of business of compensation
22  and profits among members or stockholders of licensee firms
23  or corporations.

24 

 

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 1         Section 2.  This act is effective July 1, 2001.

 2 

 3                              (END)

 

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