Ill. Admin. Code tit. 50, § 2904.90 - Commissions
Any casualty
a) When the payment of
premium or premium installment is made by the employer directly to the assigned
carrier , within 90 days the assigned carrier shall pay to the producer of the
employer the applicable amount of commission due.
b) If there has been no commission paid on an
expiring policy or existing policy, and the employer desires that a commission
be paid to a producer , the employer shall notify the assigned carrier in
writing, or the producer may submit to the assigned carrier a letter of
authority signed by the employer appointing the agent or broker as such for the
insurance. If the appointment is received by the assigned carrier after the
date of renewal, the commission shall be paid on a pro rata basis for the
remainder of the policy term.
c) If
there has been a commission paid on a policy, the producer of record may be
changed upon the request of the employer effective upon the next renewal of the
policy.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.