Indiana Code 27-1-15.6-22. Compensation; restrictions
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Sec. 22. An insurance producer may not receive compensation for the sale, solicitation, negotiation, or renewal of any insurance policy issued to any person or entity for whom the insurance producer, for a fee, acts as a consultant for that policy unless:
(2) the insurance producer discloses to the insured the following information prior to the sale, solicitation, negotiation, or renewal of any policy:
(1) the insurance producer provides to the insured a written agreement in accordance with section 23(c) of this chapter; and
Terms Used In Indiana Code 27-1-15.6-22
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
- person: includes individuals, corporations, associations, and partnerships; personal pronoun includes all genders; the singular includes the plural and the plural includes the singular. See Indiana Code 27-1-2-3
(A) The fact that the insurance producer will receive compensation for the sale of the policy.
(B) The method of compensation.
As added by P.L.132-2001, SEC.3. Amended by P.L.193-2006, SEC.3.