§ 27-4-3-2 — Insurance producer's agreement not to represent additional companies; exclusive representation of single company

(a) It is unlawful for any insurance producer
representing or acting for two (2) or more insurance companies writing
the same class or classes, of risks to enter, either directly or indirectly,
into any agreement, arrangement, contract or understanding with one
(1) or more of such companies that the insurance producer will refrain
from representing any other like company or companies, and it is
unlawful for any such insurance company, not having a contract
requiring an insurance producer to represent the insurance company
alone, in any manner to require, coerce, or induce any insurance
producer to refrain from representing any other like company or
companies.
(b) This section does not prevent any insurance company or
insurance producer from at any time entering into a bona fide contract
whereby an insurance producer agrees that the insurance producer will
thereafter represent a single company exclusively.
Formerly: Acts 1937, c.46, s.2. As amended by P.L.178-2003,
SEC.37.