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2002 SESSION
HB 199 Change of insurance agent of record.
Introduced by: Vincent F. Callahan, Jr. | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Change of insurance agent of record. Requires insurers to accept and honor a request by a policyholder to change the insurance agent of record to a new agent, who must be a duly appointed agent of the insurer. The change is effective on the date of the next renewal of the policy, unless the request is withdrawn. The new agent shall be paid all commissions payable on the policy, excluding commissions or other compensation payable under a retirement or deferred compensation plan with the insurance agent. This provision applies only to limited lines property and casualty agents, property and casualty insurance agents, personal lines agents, restricted nonresident property and casualty agents, and restricted nonresident personal lines agents. It does not apply to insurers that permit insureds to change the insurance agent of record under terms that are at least as favorable as provided by this measure, and equitably allocate commissions between the current and new insurance agents. The measures will be effective September 1, 2002.
SUMMARY AS PASSED HOUSE:
Change of insurance agent of record. Requires insurers to accept and honor a request by a policyholder to change the insurance agent of record to a new agent, who must be a duly appointed agent of the insurer. The change is effective on the date of the next renewal of the policy, unless the request is withdrawn. The new agent shall be paid all commissions payable on the policy, excluding commissions or other compensation payable under a retirement or deferred compensation plan with the insurance agent. This provision applies only to limited lines property and casualty agents, property and casualty insurance agents, personal lines agents, restricted nonresident property and casualty agents, and restricted nonresident personal lines agents. It does not apply to insurers that permit insureds to change the insurance agent of record under terms that are at least as favorable as provided by this measure, and equitably allocate commissions between the current and new insurance agents. The measures will be effective September 1, 2002.
SUMMARY AS INTRODUCED:
Change of insurance agent of record. Establishes a procedure for policyholders to direct insurers to change the insurance agent of record to a new agent. The new agent must be another duly appointed agent of the insurer. The new insurance agent of record shall be paid commissions payable on the policy, except for vested life insurance commissions and commissions or other compensation payable under an insurer's retirement or deferred compensation plan with the insurance agent. This procedure does not apply if the original writing insurance agent or the current insurance agent continues to have responsibility for processing and matters relating to the policyholder.