Colorado § 10-2-702 Commissions

Colorado Statutes

§ 10-2-702 — Commissions

Colorado·Title 10 Insurance·Art. Licenses

(1)No insurer or insurance producer shall pay, directly or indirectly, any commission, service fee, brokerage, or other valuable consideration to any person selling, soliciting, or negotiating insurance within this state unless, at the time such services were performed, such person was a duly licensed insurance producer under this article for the performance of such services. In addition, no person, other than a person appropriately licensed by this state as an insurance producer at the time such services were performed, shall accept any such consideration; except that any person duly licensed under this article may pay or assign such person's commissions to, or direct that such person's commissions be paid to, a partnership of which the person is a member, employee, or agent or

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(1) No insurer or insurance producer shall pay,
directly or indirectly, any commission, service fee, brokerage, or other valuable
consideration to any person selling, soliciting, or negotiating insurance within this
state unless, at the time such services were performed, such person was a duly
licensed insurance producer under this article for the performance of such services.
In addition, no person, other than a person appropriately licensed by this state as an
insurance producer at the time such services were performed, shall accept any
such consideration; except that any person duly licensed under this article may pay
or assign such person's commissions to, or direct that such person's commissions
be paid to, a partnership of which the person is a member, employee, or agent or to
a corporation of which the person is an officer, employee, or agent. This section
shall not prevent payment or receipt of renewal or other deferred commissions to or
by any person entitled thereto under this section.

(2) An insurer or insurance producer may pay or assign commissions, service
fees, brokerages, or other valuable consideration to an insurance agency, business
entity, or persons who do not sell, solicit, or negotiate insurance in this state, unless
the payment would violate section 10-3-1104 (1)(g).

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Legislative History

Source: L. 93: Entire article R&RE, p. 1370, � 1, effective January 1, 1995. L. 95: Entire section amended, p. 89, � 2, effective March 30. L. 2001: Entire section amended, p. 1209, � 30, effective January 1, 2002. L. 2012: (2) amended, (HB 12-1266), ch. 280, p. 1497, � 15, effective July 1.