Ill. Admin. Code tit. 50, § 2904.90 - Commissions

Current through Register Vol. 46, No. 15, April 8, 2022

Any casualty producer who is licensed to place insurance through the facilities offered herein, shall be entitled to a commission at a rate determined by the Department of Insurance. Commissions shall be paid as follows:

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

Ill. Admin. Code tit. 50, § 2904.90
Amended at 38 Ill. Reg. 15611, effective 7/2/2014

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